- Legal EditorHenry Dahut, J.D.
Henry Dahut, J.D.
Attorney - Legal Publisher - Educator
Henry Dahut is a licensed California trial attorney. Over the course of his 30-plus years practicing law, Henry has represented and counseled countless clients in legal trouble.
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Ohio Foreclosure Laws Subject To Change
The Ohio foreclosure summary below provides information on your state’s most common foreclosure rules. However, you should also know that your state’s foreclosure laws and procedures are subject to legislative, judicial, and local rule changes.
The information below is intended to provide you with a beginning point for understanding the intricacies and complexity of your state’s foreclosure law.
You will also need to consult with a local foreclosure defense lawyer to obtain a complete and current understanding of your state’s foreclosure laws and how they may apply to your specific legal and financial situation.
Quick Facts
– Judicial Foreclosure Available: Yes
– Non-Judicial Foreclosure Available: No
– Primary Security Instrument: Mortgage
– Timeline: Typically 150 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes
In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
Generally, in a judicial foreclosure, a court decrees the amount of the borrower’s debt and gives them a short time to pay. If the borrower fails to pay within that time, the court clerk then advertises the property for sale.
Appraisal Of Property Required
At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. 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.
Notice Of Auction
The sale may not occur until the notice of sale has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county where the property is located. The sheriff will conduct the sale at the courthouse, and the property will be sold to the highest bidder.
Lender May Obtain Deficiency Judgment
The lender 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. For More Information
