Here is a summary of foreclosure laws and rules for the State of Ohio:
- Lenders must use judicial foreclosure.
- The sale price at auction must be at least two-thirds of the appraised price.
- There is no right of redemption after the sale is confirmed.
- Prior to sale confirmation the borrower can redeem by paying the amount of the loan and costs.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Ohio those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
Post new comment