In Ohio, a lender must sue a borrower in state court in order to foreclose on a property. If the borrower does not respond to the lawsuit within 20 days then a default judgment is entered for the lender. The lender must meet the property appraisal and notice requirements set forth by state law when foreclosing on a property. The sheriff then conducts the foreclosure sale which is held as a public auction with the opening bid being no less than two thirds of the property’s appraised value.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.