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    Understanding Foreclosure in Ohio - A Guide to Understanding Foreclosure for the Ohio Homeowner
    by Stacy Fox


    Understanding foreclosure is an important kind of knowledge for the distressed homeowner. This article examines the foreclosure process in Ohio.

    When an Ohio homeowner stops making mortgage payments, he or she can go into foreclosure. Understanding foreclosure in Ohio means knowing the specific laws which govern real estate in the buckeye state.

    There is a general process that a foreclosure goes through:

    1. Homeowner misses payments

    2. Notice given to homeowner that foreclosure is in process

    3. Time to cure debt

    4. Court or other proceedings

    5. Sheriff's Sale

    6. Redemption period

    But understanding foreclosure in Ohio means knowing the specifics behind those general principles.

    For instance, one positive note for distressed Ohio homeowners is that it takes longer than average for foreclosures to finalize in the state.

    Another interesting thing is that you have the right to respond to the Notice of Default in court. That is, you can challenge the lawsuit within 28 days of receiving Notice. If you do not do so, the court will issue a Default Judgment and the foreclosure process will start. If you do challenge the Notice of Default, you can delay the foreclosure for a while.

    An uncontested foreclosure usually takes 150 to 180 days while a contested foreclosure can drag on much longer than that. The record is held by an Ohio man who stayed in his home for 11 years without making a payment by filing several lawsuits and appeals. This is unheard of in many other states.

    The lender is required to present three independent appraisals of the property. Then the foreclosure sale must be publicized for 30 days prior to the auction.

    The sheriff handles the actual auction.

    Once the auction is complete, the lender must return to court and present evidence of the sale. The court then confirms the sale.

    Between the time of the auction and the confirmation by the court, the property owner has the Right of Redemption. Once the evidence has been presented, this period is over.

    If the property is sold for less than the amount owed on it, the ex-homeowner is responsible for the difference. This is called a deficiency judgment.

    Understanding foreclosure in Ohio is a matter of knowing the general process for all states and the specific application of the process in Ohio.

    Now that you understand foreclosures in Ohio, you're probably wondering what to do to stop your foreclosure. The best thing you can do is go to Understanding Foreclosure and download your free copy of The Foreclosure Survival Guide. Not only will The Foreclosure Survival Guide help you better understand foreclosures, it will also give you assistance, news, and resources for this difficult time.

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