Ohio was ranked sixth in the nation for foreclosures as of 2007 by MSN Real Estate. When economic times get tough, you may have trouble paying even basic bills like your mortgage. When you fall behind on your mortgage, you risk losing your home to foreclosure. If you are concerned about paying your mortgage in Ohio, you should familiarize yourself with foreclosure rules in that state to prepare for the worst.
Foreclosure Court
Ohio is a judicial foreclosure state. This means that the property must be foreclosed upon by a judge before you can be thrown out of your home. Your creditor must file a complaint in county court. An uncontested foreclosure can take as long as six months to complete. You can extend this by challenging the foreclosure or even delaying the procedure. A lawyer can help you navigate Ohio's foreclosure court to your benefit.
Redemption
Those undergoing a foreclosure in Ohio have the right of redemption. This means that you can pay all your back mortgage payments and penalties to keep your house. You can even do this after your house has been sold at auction. You have until a legal notice known as a confirmation is issued to redeem your house. Confirmation verifies that your house has been legally sold and is issued after the house has been auctioned. Once the confirmation has been issued you lose the right of redemption.
Procedure
First, you will receive a summons calling you to court regarding your foreclosure. This happens as a result of your creditor filing a complaint in county court. After you receive a summons, your house will be appraised by three professionals. The courts then determine if the creditor has a legal right to foreclose upon your home. If the court rules against you, the creditor must issue a notice that the house will be sold in 30 days.
Leaving Your Home
In the worse case foreclosure scenario, you will lose your home. After you are foreclosed upon, your creditor will receive permission to throw you out of your home without a special eviction notice. The creditor need only talk to the county sheriff, who will then contact you with a date that you must leave your home. When your home is sold, you will be entitled to any proceeds beyond the cost of the home, however such occurrences are rare.
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