What Is Pre-Foreclosure in Ohio?
In Ohio, the foreclosure process takes approximately 150 days, according to ForeclosureLaw.org. A pre-foreclosure is defined as the time frame between a borrower becoming delinquent and the time that the lender is legally allowed to foreclose.
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Significance
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Ohio is a judicial foreclosure state. This means that when the lender files a petition with the court to foreclose, the property is in pre-foreclosure status until the court grants the lender's petition. The court orders the borrower to pay the amount due to the lender. If the borrower fails to do so, the lender is allowed to foreclose.
Right of Redemption
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During the pre-foreclosure process, the borrower is able to redeem rights to the property if he can pay the lender the amount decreed by the courts for the loan balance, court costs and any other applicable fees. This will stop the foreclosure process.
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Sheriff's Sale
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An appraisal must be performed to assess the value of a property that is in pre-foreclosure status. The property must then be advertised for three consecutive weeks in the local papers prior to the sheriff's sale. The property is a pre-foreclosure until the sheriff's sale is concluded. Once the sheriff's sale concludes, the property is legally foreclosed and transfers to a new owner or remains property of the bank for later resale.
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References
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