- 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.
