 Ohio Loan Modification Guidelines
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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