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Ohio Foreclosure Laws

Summary:

Judicial Foreclosure	Yes
Non-Judicial Foreclosure	No
Security Instruments	Mortgage
Right of Redemption	Yes
Deficiency Judgments	Yes
Time Frame	Usually 150 days

Judicial foreclosure is the only foreclosure process used in Ohio. The lender must sue the borrower in court to obtain a judgment of foreclosure. The defendant borrower is served with a complaint and summons by mail, or by publication if the borrower cannot be located. The borrower then has 20 days to file an answer. If no answer is received, a default judgment is entered.

Prior to the scheduled foreclosure date, three disinterested freeholders in the county in which the property is located must appraise the property. The appraised value must then be filed with the county clerk. The property must be offered for sale at a minimum price of no less than two thirds of the appraised value.

Prior to the sale, the notice of sale must be published weekly for three consecutive weeks in a newspaper of general circulation in the county in which the property is located.

The county sheriff will conduct the sale, and the property sold to the highest bidder. The borrower has a statutory right of redemption until the sale is confirmed by the court Redemption requires payment of the amount of the judgment, court costs, and interest.

Deficiency judgments are allowed. There is a two-year statute of limitations to collect in the event the judgment was rendered prior to confirmation of the sale, and the property consists of two units or less.

Attorney General's Office
30 E. Broad St., 17th floor
Columbus, OH 43266-0410
Ph: (614) 466-4320
Fax: (614) 466-5087

This information is to give a general idea of the foreclosure laws in each state. The information is not guaranteed to be correct. State laws can change or some errors may have been made. Please use this only as a guide.