About Foreclosure Laws in Ohio
It is no mystery that foreclosures are sky-rocketing in the United States as quickly as the gas prices. Each state has its own foreclosure laws, and it is important for residents to have a clear understanding of what they are. We're going to zero in on the state of Ohio.
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Identification
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Foreclosures in Ohio differ from other states in that there are no non-judicial foreclosures available. Properties in Ohio act as securities against the lien. In order for a foreclosure to take place in the state of Ohio, lenders must go to court for what is called a judicial foreclosure.
Effects
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Once the court has granted the foreclosure, it is listed as a public notice sale. A complaint is filed with the county courthouse in addition to what is called a "lis pendens." A "lis pendens" is a document which records the fact that a public notice is being filed stating the property is being foreclosed upon.
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Considerations
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A foreclosure in the state of Ohio cannot go through unless a complaint is filed with the county courthouse giving the defendant 28 days to respond, three appraisers who are not interested in the property are secured and the notice of the foreclosure sale is advertised at least 30 days prior to the actual sale. If these conditions are not met, the foreclosure process starts over.
Time Frame
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If the foreclosure goes uncontested, it typically takes between 150 and 180 days to go into effect.
Prevention/Solution
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If Ohio homeowners are facing foreclosure, there are measures they can take in order to prevent proceedings. The first thing property owners need to do is obtain a lawyer and then verify if the bank foreclosing has physical possession of the mortgage. The homeowner will be able to receive more information about their rights, as well as any litigation that could potentially take place once their lawyer is obtained and they begin consulting about the matter.
Effects
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The sheriff for the county handles all foreclosures in the county courthouse. The sheriff is also responsible for returning a writ of execution. A writ of execution is a document confirming the sale of the property took place legally.
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Resources
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