Paul Clark
In this Blog we open the conversation with
economic loss caused by the current mortgage
crisis.
Foreclosure Laws in Ohio
Foreclosure Laws in Ohio:
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Typically 150 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Ohio, lenders may
foreclose on a mortgage in default by using the
judicial foreclosure process.
Foreclosure Laws
in Ohio:
Judicial Foreclosure
Generally, in judicial foreclosure, a court decrees
the amount of the borrowers debt and gives him or
her a short time to pay. If the borrower fails to
pay within that time, the clerk of the court then
advertises the property for sale.
At some point prior to the scheduled date of
foreclosure, an appraisal of the property must be
made by three disinterested freeholders of the
county. A copy of the appraised value must be filed
with the court clerk and the property must be
offered for sale at a price of not less than
two-thirds of said value.
The sale may not take place until the notice of sale
has been published once a week for three (3)
consecutive weeks in a newspaper of general
circulation in the county in which the property is
located. The sheriff will conduct the sale at the
courthouse and the property will be sold to the
highest bidder.
Lender's may obtain a deficiency judgment and the
borrower may redeem the property at any time before
the court confirms the foreclosure sale by paying
the amount of the judgment, plus costs and interest.
