You’ve missed several mortgage payments. Maybe you’ve lost your job or had medical bills. Maybe you’ve gone through a divorce. The fact is, you are facing an Ohio foreclosure sale and you don’t know where to turn.
If you are facing an Ohio foreclosure, you might be wondering what the laws are and how you can either save your home or walk through the process without more added stress or strain.
An Ohio foreclosure is not a fun process, but it doesn’t have to be scary.
Here is what you need to know about Ohio foreclosure, including the foreclosure sale eviction process.
If you are having trouble making mortgage payments, eventually your bank could try to foreclose on your home. The first step in the process is, the bank will send a letter saying you are in default of your mortgage loan. This is called the notice of default letter – and it’ll say how much you owe.
There will also be a deadline(usually 30 days) for you to reinstate the loan, meaning you will have to pay back the payments you missed to bring the mortgage current. If you can pay, great. There are processes in place to make that happen and you can move on. But, if you can’t pay, the foreclosure process will continue.
If the loan is not reinstated, in Ohio, the bank files a foreclosure complaint in the county where your home is located. You have 28 days after you receive the foreclosure complain to file an answer. If you do not file an answer, a default judgment is obtained against you.
The Ohio foreclosure process is lengthy – usually at least three months. But sometimes, it can take several months and it depends partly on the county where you live, as in some larger counties, the sheriff sale will take a longer time to schedule.
There are lots of notices and procedures to follow and at some point, the court will send you a notice saying a sheriff sale is scheduled and that there will be bids taken on your home.
Usually, your bank will buy the home for what is owed, plus any taxes or other fees, but anyone can bid to purchase the home at a sheriff’s sale.
After the sheriff’s sale, you can still save y our home during the redemption period by paying the full amount owed. The redemption period is the time between the sale of the home at sheriff’s sale and the confirmation. But you need to act quickly, as the redemption period may be as long as 60 days or as brief as just a day or two. You may be able to negotiate an agreement with the bank to voluntarily leave by a certain date to avoid eviction and to give you time to find another place to live, but this does not happen in every case. If you can’t negotiate, you will be evicted.
If you are facing Ohio foreclosure, it’s a good idea to talk to an experienced foreclosure attorney. The process has many steps, notifications, appraisals and other details that can be difficult for a lay person to navigate.
Mina Nami Khorrami LLC
If you have questions or concerns about Ohio foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.