Ohio Foreclosures: Lenders' Right When Borrower Defaults

2007-05-02 10:04:19

( Financial )



Once you fail to pay your scheduled mortgage payments or to fulfill any of the other conditions detailed in the mortgage contract, your lender acquires the right to institute foreclosure action on the property you pledged as security for your loan. Ohio foreclosures are legal procedures where properties securing mortgage loans will be liquidated to help extinguish debt.

The method of foreclosure that a lender can use under Ohio law is only judicial foreclosure. This means that the property can only be sold to satisfy your debt through a court order after your lender has given sufficient notice. When you do not pay your mortgage payments, your lender may accelerate the due date of all remaining monthly payments, making them due and demandable. For this reason, the lender's attorney can file a suit to foreclose the lien on the property.

You will need foreclosure help when your lender starts to institute Ohio foreclosures. A notice of the court filing usually through certified mail will be served upon you. If you cannot be found at the address you have provided to the lender, notice can be done through publication. You will have 28 days from delivery or publication of notice to respond to the court filing so you have a chance to stop foreclosure by paying the remaining balance of your loan. Should you fail to pay, the process of Ohio foreclosures will continue.

Prior to sale of the foreclosed property, the court directs the sheriff to conduct three appraisals and to publish the sale for three weeks in the newspaper. The highest bidder wins the property. Once the sale has been conducted, the court confirms the sale. If you want to stop foreclosure, you should do so prior to court confirmation and by paying all existing balance of the loan and costs of the proceedings of Ohio foreclosures.


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