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Ohio Foreclosure Laws |
Ohio Foreclosure Law considers the lien theory where property is regarded as a security instrument. In the state of OH only judicial foreclosure is allowed. It is very important to understand the Ohio foreclosure statute, as wrong steps can be taken while stopping the foreclosure if the whole process is not clear. Even if the buyer have the information regarding foreclosure law then he/she can make better purchase.
For judicial foreclosure, the lender go to the county court for the orders or decree of sale. As per foreclosure laws in Ohio first of all complaint is filed with Lis Pendens, which is a public notice stating that the property is going to be foreclosed upon. For unquestionable foreclosure in Ohio, generally 150-180 days are taken. But if the borrower files a case then the process can be delayed further.OH Foreclosure LawsAccording to the Ohio foreclosure law, the following procedure is followed:
- First of all the foreclosure complaint is filed in the court of the county
- Court then gives 28 days to the defendant for making the payment. But if the payment is not made then the foreclosure sale is ordered by the court.
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- Estimated value or appraisal is given by three disinterested parties. The sale of the property cannot take place below 2/3 of the appraised value.
- The Notice of sale is then published for three consecutive weeks before 30 days of the sale. The ad should appear once in every week.
- The Sheriff foreclosure sale takes place at the county courthouse. Court will give the confirmation of sale once the writ of execution is filed with the court in Ohio. After confirmation the right of redemption is eliminated. With this the purchaser is issued the deed.
Ohio Foreclosure AttorneysYou can also consult the foreclosure attorney or law firm that deals in the foreclosed homes. The attorney can then handle your case legally and help you in getting back or save your home. To obtain more information on Ohio foreclosure law, you can also log on to the list of websites given by Realestatezing.com.
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