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.
Speak to an Experienced Foreclosure Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure 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 attorney to discuss your specific legal situation.