- 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 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,
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.
The sale may not take place 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 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.
Lender's 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.
More
information on Ohio foreclosure laws.
