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.
Foreclosure Process
Ohio Foreclosure
Laws
