How Common are deficiency judgments in Ohio?

Some states do not allow deficiency judgments. A deficiency judgment occurs after a foreclosure sale. The amount of the judgment is the difference between the sale proceeds and the amount you owe your lender on your loan balance.  Deficiency judgments regarding Ohio foreclosure properties are permitted under Ohio foreclosure laws.  Judgments obtained prior to the sale of the property that are confirmed by the court allow the lender two years to collect on the judgment for property consisting of no more than two units.  Even if deficiency judgments Ohio foreclosure law allow your lender to pursue the judgment, most of the time lenders don’t bother because they know you don’t have substantial assets in which to collect the judgment against. They have already taken a loss when they foreclosed on your property, and they are not interested in taking further losses trying to find you to collect on the judgment.  To avoid the judgment, you should hire a foreclosure defense attorney to resolve the matter and negotiate a foreclosure prevention solution with your lender. The attorney will also negotiate with your lender in writing that your lender will not pursue the judgment so you don’t have to worry about it.    

Ohio foreclosure and deficiency judgment laws can be complicated.  It is recommended that you consult with an Ohio foreclosure defense attorney if you are facing foreclosure. The attorney will explain the Oho foreclosure laws and answer your questions, as well as help you negotiate with your lender. The attorney can assert foreclosure defenses and represent you in court to try and get the foreclosure dismissed.