Ohio Foreclosure Timeline
Ohio has a specific timeline for the foreclosure process,
which is the legal process by which a lender obtains possession of a property
when the borrower defaults on their mortgage payments. It is important for
homeowners to understand this timeline and their rights during this process.
The first step in the Ohio foreclosure timeline is for
the lender to send a notice of default to the borrower. This notice must be in
writing and must inform the borrower that they are in default on their mortgage
payments and that they have a certain number of days to cure the default. If
the borrower does not cure the default within the specified time frame, the
lender may move forward with the foreclosure process.
The next step in the Ohio foreclosure timeline is for the
lender to file a foreclosure complaint with the court. This complaint must be
served on the borrower and must contain a description of the property, the
amount of the default, and the amount of any additional fees or costs that the
lender is seeking.
If the borrower does not contest the foreclosure, the
court will issue a judgment in favor of the lender. If the borrower does
contest the foreclosure, the case may go to trial and a judge will decide the
outcome (if summary judgment is not granted).
Once a judgment has been issued in favor of the lender,
the lender may schedule a sale of the property to pay off the debt. This sale
must be advertised in a local newspaper for at least three weeks prior to the
sale date. The borrower has the right to redeem the property up until the sale
date by paying the amount owed to the lender.
If the property is not redeemed before the sale, it will
be sold at a public auction. The highest bidder at the auction will become the
new owner of the property.
It is important for homeowners facing foreclosure to seek
legal assistance as soon as possible. The attorneys at Doucet Co., LPA are
experienced in handling foreclosure cases and can help homeowners understand
their rights and options. If you are facing foreclosure in Ohio, don't hesitate
to call us at (888)200-9824 for a free consultation.