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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. After the court issues a foreclosure judgment, foreclosing party must serve a seven-day notice of sale on homeowner. At least 30 days before sale date, foreclosing party must publish notice of sale. |
| Reinstatement of loan before sale | None |
| Redemption after sale | Available until the court confirms the sale |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Ohio Rev. Code Ann. §§ 5919.29, 5923.12 |
| Deficiency judgments | Allowed |
| Cash exempted in bankruptcy | $400 for one person, $800 for a married couple |
| Notice to leave after house is sold | No special provisions for evictions following foreclosure. The new owner will likely have to go to court to get an eviction order. Court-ordered evictions usually take two weeks to a month, depending on whether or not former owner responds to the lawsuit. |
| Foreclosure statutes | Ohio Rev. Code Ann. §§ 2323.07, 2329.26, 5721.38 |