Ohio Foreclosure Laws

All Ohio foreclosures take place through judicial means. To begin the process, the lender files a suit against the defaulted homeowner at the county court. The homeowner is also notified of the suit and granted 28 days to either contest the suit or pay the default debt. If the court finds sufficient evidence of default, the will rule in favor of the lender and auction off the property in order to reclaim the amount lost on the loan.

Before the sale can occur, the Sheriff must publish a Notice of Sale in a local weekly newspaper for three weeks leading up to the sale. The property must also be appraised by three "separate and disinterested individuals" so that an average of their appraisals can be established and used to determine the opening bid at the auction.

One the day of the sale, the Sheriff auctions off the property to the highest bidder. The opening bid may be no less than 2/3 the average appraisal value. All sales are subject to a court's confirmation. After a confirmation is awarded, the winning bidder receives a deed entitling them to full ownership of the property.

Once a court has issued a confirmation, the original homeowner maintains no rights to redemption. The lender is legally entitled to pursue a deficiency judgment against the homeowner if the sale price of the home does not at least match the amount provided for the loan.

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