Foreclosure & Short Sale News
OH Tightens Foreclosure Filing Regulations
Many homeowners behind on their payments think they have no option other than a foreclosure. That’s simply not the case. Not only are there other options, it is harder to complete a foreclosure today than in the past. Ohio foreclosures take nearly seven months to complete, longer than many short sales.
Here’s a look at the foreclosure process:
1. Start the Ohio Foreclosure Proceedings
The first option once a person falls behind or defaults on a home loan the lender does whatever it can to get the homeowner current with payments. If it becomes clear that’s not going to happen lenders must the foreclosure proceedings by filing paperwork with the court.
2. Ohio Foreclosure Time Line Proceedings
Lenders usually begin talking with homeowners once they are at least two payments in arrears. Once documents have been filed the homeowner receives a notice of the action. This foreclosure notice will often be sent by registered mail or certified mail.
3. Ohio Foreclosure Location
If the homeowner cannot be located, then the lender may file a notice with the sheriff's office. Once this notice has been filed then the lender has 28 days to respond to this notice. If the person fails to respond to the notice then the court can find them in default. Once a decision is made then the county clerk will issue an order of sale on the property in question.
4. Ohio Foreclosure Repayment
The owner has the opportunity to pay the debt and stop the Ohio foreclosure proceedings by contacting them and reconciling the obligation. After a certain period of time, and the borrower has failed to make any payment on the mortgage then the Ohio foreclosure process begins.