Is the length of the foreclosure process different for judicial and nonjudicial foreclosures in Ohio?
Comparing Judicial and Nonjudicial Foreclosures
The foreclosure process in Ohio can vary depending on whether it is a judicial or nonjudicial foreclosure. A judicial foreclosure is one that is handled through the court system, while a nonjudicial foreclosure is one that is handled outside of court. The length of the foreclosure process may be different for these two types of foreclosures, depending on various factors such as the borrower's ability to catch up on missed payments, the lender's willingness to work with the borrower, and the complexity of the borrower's financial situation.
In a judicial foreclosure, the process begins when the lender files a complaint with the court and the borrower is served with a summons and a copy of the complaint. The borrower has the right to respond to the complaint within a certain period of time, typically 20-30 days. If the borrower does not respond, the lender may be able to obtain a default judgment, which allows them to move forward with the foreclosure process. If the borrower does respond to the complaint, the case will go to court, where the borrower will have the opportunity to present their defense. The court will then make a decision on whether to grant the lender's request for foreclosure. If the court grants the request, the lender will be able to proceed with the foreclosure sale. On average, the judicial foreclosure process in Ohio takes around six months to a year.
In a nonjudicial foreclosure, the process is handled outside of court and is typically quicker than a judicial foreclosure. The lender does not have to go through the court system to obtain a judgment in order to foreclose on the property. Instead, the lender can simply follow the procedures outlined in the mortgage or deed of trust to initiate the foreclosure process. The length of the nonjudicial foreclosure process in Ohio can vary, but it is typically shorter than the judicial process.
If you are facing foreclosure in Ohio and are not sure whether you are dealing with a judicial or nonjudicial foreclosure, it is important to seek the advice of a qualified attorney. The law firm of Doucet Co., LPA can help you understand the difference between these two types of foreclosures and work with you to find a solution that meets your needs. Call us today at (888) 200-9824 to learn more.