What is the mortgage foreclosure process in Ohio?

by oliver on September 30, 2010

Question:

What is the mortgage foreclosure process in Ohio?

Answer:

Most of the foreclosure processes handled by states are done in a judicial way. This means that all proceedings pertaining to foreclosures is overseen or handled by the federal court. A foreclosure process usually begins once a lender files a lawsuit against the borrower because of its default on his mortgage payments. If the borrower does not respond within 28 days, the lawsuit will be posted in the local newspaper. After this, the court will issue the borrower a notice of sale, wherein the property or home will be sold to the public thru an auction. During this event, the highest bidder will be able to get the right of ownership over the property. However, prior to the foreclosure sale, the borrower can make ways in order to stop the foreclosure process. The borrower can work out an agreement with his lender in order to stop the foreclosure.

If the house or property was sold successfully during the foreclosure sale or auction, the new owner can already take over or repossess the property. If the previous owner of the property is still staying in the house, a notice of eviction will be sent to him upon request of the new owner or lender, ordering him to leave the area at once. If the house was not sold or if the bid was below the lenders minimum required amount, another foreclosure sale is scheduled.

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