This is information is put together solely for informational purposes and is not intended for the practice of Law. Please consult your attorney for specific issues that relate to your situation.

Ohio is a judicial foreclosure state which means that the court is used to process defaulted mortgages. This  type of foreclosure is designed to give the defaulting borrower a chance to save the property. The process is swift and certain and the judge looks at each case to see if the borrower made his or her payments or not and then rules accordingly. Most judges approve the foreclosure if there is no proof of payment, awarding judgment to the lending institution.

The average time it takes for a foreclosure to complete is seven months

When a Lender has decided to proceed with the Foreclosure, a Notice of Intent is sent to the borrower. The lender’s attorney files a complaint for foreclosure with the County Clerk of Courts making it a public record. If the borrower does not respond with in 28 days from the Notice of Intent, the court can rule the borrower is in default and order the property to be sold at auction.

After the court makes it’s decision about the foreclosure, the county clerk issues an order for sale to the sheriff. The sale price of the property must be at least 2/3 of the appraised value of the property.

The court does allow the borrower to pay the debt with in a certain time. So communicating with you lender is very important and recommended as soon as you know there will be a payment problem. If the borrower fails to pay back the debt the foreclosure process continues.

Before a house goes to auction, the sheriff must get three appraisals and publish the ad in the local newspaper. In Central Ohio the Daily Reporter publishes all legal proceedings after they have been released by the Clerk of Courts.

It must be in the newspaper for three consecutive weeks so that the public has reasonable knowledge. After the three week period the sheriff may conduct the public auction at the county court house. The court reviews the sale and files an order confirming the sheriff’s sale. The sheriff issues a deed transferring the property ownership to the winning bidder.

After the sale is completed and the property has been transferred there is no right on redemption honored in the state of Ohio, meaning the borrower may not redeem his property. The sale is final.

This brief synopsis of the Ohio foreclosure procedure is meant for informational purposes and should not be used in place of a Legal Consultation with your Attorney.

It is in the best interests of the borrower to consult a Realtor that specializes in the negotiation of “Short Sales”. Banks do not want to hold on to Non Performing Assets, mortgages that are not being paid down. Real Estate that is held by a lender is a negative asset in their portfolio.

A Realtor should be consulted before the property goes into foreclosure, while you are still able to make mortgage payments and you have a Credit Rating that is worth saving. Foreclosure can take over 200 points off your credit score and eliminate any home ownership for over two years or more.

The Anitahome Team is ready, able and willing to negotiate on your behalf with any lender institution. If you home qualifies for a “Short Sale”, many times the Lender will pay for the Listing and Seller Commissions. Call now for a “No Obligation” consultation. We will answer all of your questions about how our services can work for you. Call us at 614-563-0943. E-mail us at naumand@sbcglobal.net

The Olentangy School District is one of central Ohio's highest rated school systems and covers a wide geographical territory including Powell, Lewis Center and the 43082 area of Westerville.  Within this great schol system is a diversity of neighborhoods and price ranges.  To learn more about the many neighborhoods that compose the Olentangy school system, fill out this short form or call the Anitahome Team at 614-563-6377 and we will be happy to help you.  We have helped many buyers find homes throughout this school district and have helped sell homes in various neighborhoods.  Put our experience to work for you.  Our customers always come first!

If you are contemplating the purchase of a home, whether it be your first or your tenth, work with an agent who truly is your advocate.  Anita Nauman is a Keller's Williams agent who has successfully helped many buyers purchase their homes.  Anita is active in North Columbus, and many of the suburbs such as Worthington, Upper Arlington, Westerville, New Albany, Powell and Lewis Center.  Let Anita put her experience and her strong work ethic to work for you.  Visit www.anitahome.com or call her for your no obligation interview at 614-563-6377.