The Foreclosure Timeline In Ohio

Facing foreclosure is one of the most stressful troubles you can face. Working through the process can be overwhelming, especially when you don’t know how long the process will take. In this article, the Ohio foreclosure defense attorneys at Kohl & Cook Law Firm, LLC will discuss the foreclosure timeline and hopefully give you a better sense of what to expect.

Foreclosure timeline in Ohio 

Ohio is a judicial foreclosure state. That means that all foreclosures have to go through the courts to proceed. Judicial foreclosure ensures that homeowners have enough time to challenge the foreclosure or work on an alternative solution. In Ohio, foreclosure can take anywhere from six months to a year, depending on various factors.

• Pre-foreclosure and missed payments – Foreclosure begins when a homeowner has missed one or more of their mortgage payments. The majority of lenders provide a grace period before they declare the loan in default. If you miss multiple payments, the lender will send out a formal Notice of Default to inform you that foreclosure could begin if the debt isn’t settled. The timeline will depend on the lender’s policy concerning missed payments. Some lenders only allow one missed payment before proceeding to foreclosure. Others will give you more time. Typically, the notice will be mailed in 60 to 90 days.

• Filing the foreclosure complaint – If you don’t make an effort to settle the default, the lender will file a foreclosure complaint through the courts. You will receive notice of the complaint, which gives you details about the lender’s claim as well as instructions for responding. You generally have 28 days to answer the complaint. If you don’t respond, the lender will automatically get a default judgment in their favor.

• Pre-trial proceedings – If you respond to the complaint, the case will move into pre-trial hearings. At this point, you can work with the lender to negotiate alternatives to foreclosure. This includes loan modification and repayment plans. The timeline for this stage will depend on whether or not both sides are willing to work with the other. This stage can take anywhere from a few weeks to a few months.

• Judgment and foreclosure sale – If you and the lender cannot reach a solution, the court could grant a judgment in the lender’s favor. The lender can then schedule a sheriff’s sale, and your home will be put up for auction. It usually takes between three and six months from the judgment to the sale of the property.

• Redemption period – This is your last chance to save your home. The State of Ohio gives you a right of redemption, which gives you a chance to reclaim your property if you pay off the outstanding debt before the sale is completed. However, once the court confirms the sale, your right expires. The redemption period lasts up to 30 days after the foreclosure sale.

• Eviction – If the property is sold while you’re still living in the home, an eviction notice will be handed out. The timeline for eviction depends on numerous factors, but it typically takes at least 30 days so the homeowner can find a new place to live.

Talk to a Columbus, OH Foreclosure Defense Lawyer Today 

Kohl & Cook Law Firm, LLC represents the interests of homeowners who are facing foreclosure in Columbus and Decatur, Ohio. Call our Columbus foreclosure defense lawyers today to schedule an appointment, and we can begin going over your options immediately.