How do I reverse a foreclosure in Ohio?

A lender may see foreclosure as the only way to obtain money loaned. The process is legal. The borrower, however, also has rights. One of them is to reverse the process. This is possible throughout the United States, including Ohio.

How Do I Reverse a Foreclosure in Ohio?

In Ohio, the only means of foreclosure is through the court system - a judicial foreclosure. The lender must follow certain procedural steps to be successful. When the court first files the complaint, it also sends off notification to the borrower. He or she has 28 days to respond. A court date will then rule on the validity of the argument for foreclosure. The process then moves to the next stage unless the borrower can pay off the debt as well as the court costs.

If foreclosure proceeds, the borrower still has a chance to reverse it. In Ohio, this is a distinct possibility even after the sale of the property. This is the Right of Redemption.

The Right Of Redemption

The Right of Redemption is a statutory right in Ohio. It permits the borrower/owner of the foreclosed property to reclaim it if:

• He/she pays the sum in full
• He/she pays extra costs incurred e.g. court
• If this occurs before the Sheriff files and the court accepts a Confirmation of Sale of the foreclosed property

Seek A Lawyer

The answer to, “How do I reverse a foreclosure in Ohio?” is simple. Obtain a lawyer who understands how the law works. He or she may be able to help you retain your home.