This section will review foreclosure laws in Ohio.
Because foreclosure laws vary from state to state,
it is important to understand how the Ohio.foreclosure process works. Remember,
when you consider buying a foreclosure,
the state in which the property is located determines the laws regarding the property,
not the state where the buyer may reside.
In many cases buyers of foreclosed homes located in Ohio also live in Ohio. Be aware of how state foreclosure laws may impact your personal situation.
You can learn a lot about the system for foreclosure in Ohio in this section,
but our information is not a substitute for professional legal advice.
And because every state’s laws are subject to change without notice,
we recommend you consult a real estate lawyer to gain a professional opinion of our information,
and your interpretation of the information,
as it applies to your specific real estate investment or home purchase situation.
Visit the Ohio law details below to learn about how Ohio foreclosure handles aspects of judicial or non-judicial availability,
primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in Ohio,
and application of deficiency judgments.
We’ll help you understand these foreclosure law terms and how Ohio applies them to the process.
You may or may not need to navigate through Ohio’s laws in great detail during your purchase process,
but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
Judicial Foreclosure Available:
Non-Judicial Foreclosure Available:
Primary Security Instruments:
Typically 150 days
Deficiency Judgments Allowed:
In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
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, three disinterested freeholders of the county must appraise the property. 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 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.
Lenders 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.