How Does Foreclosure Here In Ohio Work?

In Ohio, all foreclosure proceedings go through the judicial system. To begin the process, the lender must file the appropriate documentation with the county court in whose jurisdiction the property is located. State law requires that notice of the proceeding then be given to the borrower, typically by certified mail or personal service. The borrower then has twenty-eight days to respond or the court will award a default to the lender. If the delinquency is not paid, the court will decide how much the borrower owes on the mortgage and give them a proscribed period of time to pay the debt. After that period of time expires, the court will find the borrower in default and the sheriff will be issued an order of sale.

Prior to the scheduled date of the foreclosure, an appraisal of the property must be executed by three independent freeholders of the county. A copy of the appraisal is then filed with the clerk of courts. According to state law, the property must be sold for no less than two-thirds of this appraised value. Before the sale, a notice must be published in the county newspaper in which the property is located for three weeks prior to the date it is to be auctioned. The sheriff then holds the sale at the county courthouse with the property being awarded to the highest bidder.

The foreclosure process can be delayed if the borrower is contesting the action in court. Seeking adjournments of hearings and continuances can be helpful in buying time as well. Additionally, before losing the home, the borrower has the right to pay the balance due plus any court costs at any time before the final sale is confirmed. In Ohio the sheriff is required to issue a writ of execution at the end of the auction, which is given to the court to determine that the sale was conducted legally. Once the court has made such determination, they will issue a decree confirming the sale and the borrower loses all right to redemption and the deed is transferred to the new owner.

It's best to attempt to work with your lender prior to the sale. In most cases they would prefer to keep you in your home and paying the mortgage. There are many reputable services available in Ohio that can help homeowners beat foreclosure and save their homes.