In Ohio, your mortgage lender must go through the court system in order to foreclose on your home. As a homeowner, this means you have the right to contest a foreclosure complaint filed against you. If a foreclosure complaint is filed against you, you should consult an attorney right away.
A foreclosure action that results in the actual sale of the property by the Sheriff is a lengthy process. Key steps in the process are as follows:
COMPLAINT FILED: The matter is brought before the court. There is a judicial review on all complaints that are filed.
JUDGEMENT ENTRY FILED: Judgment(s) are granted and the property may be sold to recover judgment amounts. Typically filed 3-9 months after the complaint.
PRAECIPE FILED: This order directs the Sheriff to advertise and sell the property according to the terms set by the court and Ohio revised code. The Sheriff cannot exercise an extension of these terms.
PUBLIC AUCTION: The property is auctioned at Sheriff's sale. Purchasers must be prepared to deliver a deposit at the time the officer in charge of the sale accepts the bid. If the deposit is not available, the bidding will be re-opened until a successful bidder is found that has the required deposit. The successful bidder must complete the purchaser information form as required by the Ohio Revised code at the time of the deposit.
CONFIRMATION FILED: The confirmation is prepared by the attorney of record. This order names the purchaser, orders the deed preparation, the distribution of proceeds, orders lien cancellations, etc., and awards the purchaser the right to file for a Writ of Possession should anyone be occupying the property. The confirmation process usually takes 30-45 days. The confirmation must be approved by the court.
REDEMPTION PERIOD: The time between the sheriff's sale and the confirmation is called the "Redemption Period." The Redemption Period may be as long as 90 days or as short as a couple of days. You have the right to buy back your home during the redemption period. If you choose to do so, you will owe any fees and costs incurred as a result of the foreclosure.
DEED RECORDED: The Ohio Revised Code makes the Sheriff's Office the agent of the purchaser for the purpose of recording and transferring the deed.
EXECUTION OF WRIT: You will be given a notice by the sheriff that you must leave your home. The amount of time varies by county.