Ohio Foreclosure Timeline and Laws

Ohio Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

Ohio foreclosures are conducted by judicial foreclosure.

Notice Requirements for Foreclosure in Ohio

Foreclosure is instituted by the lender filing a foreclosure complaint, giving the borrower 28 days to respond; otherwise a default judgment is entered and the property is sold at foreclosure sale. Notice must be given to the borrower and interested parties by certified mail, regular mail, or personal service. If a borrower cannot be located, the lender may publish the notice of the court filing.

 Three independent appraisals must be obtained, and the property cannot be sold for less than 2/3 of the appraisal value. The foreclosure sale must be advertised thirty days prior to the sale in county newspaper where the property is located and published once per week for three consecutive weeks before the sale.

Ohio Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount. There is a two year limit on the enforceability of any deficiency judgment, unless the borrower agrees in writing to extend the time.

Ohio Redemption Rights

Ohio has no post statutory right of redemption.

Ohio Assistance, Special Programs, Government Help, and Law Updates

 Foreclosure Programs:

• Ohio Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

Ohio foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.