Ohio
When
you develop a definite plan of action with
well-timed, well-informed steps, you can stop
the foreclosure process and save your home. We
have outlined the foreclosure process for the
state of Ohio.
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: No
The Ohio standard mortgage provides for a
conditional transfer of title to the lender. If
the borrower pays the principal and interest,
performs the obligations of the mortgage,
including payment of taxes, assessments and
hazard insurance and does not commit waste, then
the borrower will obtain full title at the end
of the mortgage term. Ohio mortgages must be
foreclosed by court action.
Lawsuit
The lender must sue the borrower in the county
where the property is located. The lender must
ask the court to foreclose the mortgage and
order a sale of the property.
Sale Procedures
Appraisement
When land is to be sold under a foreclosure
order, the officer conducting the sale shall
call upon three disinterested freeholders of the
county to give an estimate of the value of the
property. A copy of the appraised value must be
left with the court clerk. The property must
forthwith be offered for sale at a price of not
less than two-thirds of the appraisement.
Advertising
The land will not be sold until the officer
handling the foreclosure gives public notice of
the sale by advertising the time and place of
the sale at least 30 days in advance of the
sale. The advertisements will be sufficient if
they are published once a week for three
consecutive weeks before the day of the sale,
with each ad on the same day of the week.
Method of Sale
The sheriff handles foreclosure sales in Ohio.
The officer will sell to the highest bidder at
the time and place indicated in the advertised
notice. The sale must take place at the
courthouse. If the bidder fails to pay the
price, the court "shall punish as for
contempt any purchaser of real property who
fails to pay the purchase money therefore."
If there is no sale for lack of bidders, then
the court may order a new appraisement and order
the sale for one-third in cash and the balance
later.
Confirmation
The sheriff returns the writ of execution
indicating that a sale was made to the court,
which upon examination of the sale proceedings
to make sure they were in conformity with the
law and with the court orders, enters into its
records a confirmation of the legality of the
sale and directs the officer who made the sale
to create and deliver the purchaser a deed for
the property.
Special Procedures
If the property is in danger of being damaged
the court may appoint a receiver to take charge
of it.
Deficiency
A deficiency judgment may be obtained by the
lender along with the order commanding a
foreclosure sale. The deficiency is void two
years after the foreclosure sale is confirmed.
However, the enforcement may continue if the
debtor signs an agreement to postpone the
enforcement past two years.
Redemption
The debtor can redeem by paying the amount of
the judgment plus costs and interest up until
the confirmation of the sale, but not afterward.
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