Columbus Ohio Foreclosure Help, Defense, Laws and Process

 


Ohio is a mid western state in United States. There approximately 11.5 million residents in Ohio. Columbus is the capital of Ohio. Like all other state in United States, property acts as a security for the underlying loan in Ohio too. The rule applies for the capital Columbus. The sate only allows judicial foreclosure process. In a judicial foreclosure the lender will go to the court, to get the final judgment of the foreclosure. It will take around seven months to complete the process.

Columbus Ohio Foreclosure Process

  • Columbus foreclosure actions are starts with the filing of a complaint against the debtor.
  • Then the borrower is notified with the court filing, usually done by certified mail, regular mail or personal service.
  • If the borrower cannot be located, then lender has to publish the notice of court filing.
  • The borrower has 28 days to report, after the notice been successfully mailed or published.
  • Once both parties appear in front of the court, it gives its decision.
  • If the debtor failed to arrive in front of the court the case is ruled in favor of the lender.
  • Once the court announces its decision, the county clerk issues an order of sale to the sheriff.
  • The court allow the debtor to pay the default amount within a particular time
  • If the debtor failed to do so within the time limit, foreclosure process continues.
  • Prior to the sale the sheriff has to obtain three appraisals and publish ad in a local newspaper for three consecutive weeks.
  • The public auction is conducted at the courthouse in the presence of the sheriff.
  • The property is sold to the highest bidder.
  • The initial sale price must be at least two third of the appraised value.
  • The sheriff’s sale is confirmed by the court after reviewing the files.
  • Once the sale is confirmed, the sheriff transfers the ownership to the winning bidder.
  • The borrower can redeem his property at any time prior to the sale. After the sale the debtor does not enjoy the right of redemption.
  • Once the sale is confirmed, the debtor is issued with an eviction notice.
  • According to the eviction notice the debtor can no longer stay in the property.
  • Eviction can be done through the sheriff or through the municipal court eviction action.
  • The eviction process will take another 6 weeks to complete.

The court with jurisdiction over a foreclosure is known as county court. For the legal establishment of Ohio mortgage the following documents should be submitted in front of the court; the mortgage, note, and in commercial transaction a security agreement. !50- 180 days are required to complete a normal foreclosure process. The process may be delayed if the debtor opposes the action or files for bankruptcy. A deficiency judgment is offered to the lender under the law of foreclosure for Ohio. 2323. 07 of Ohio revised code governs the law for Ohio foreclosure. More details about Ohio foreclosure law is available at, http://onlinedocs.andersonpublishing.com