Loan Modification Ohio

Depending on your exact situation, your lender may consider a modification of your current loan terms. With a loan modification, it's possible to refinance the debt and/or extend the term of your original mortgage loan. This can make your new monthly payment affordable and allow you to include missed payments, penalties and arrearage into a new 30 year loan. A mortgage modification is also one of the fastest ways to stop foreclosure and get back on track with your payments.

Loan Modification Ohio

Oregon Foreclosure Law - Quick Facts

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 150 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Loan Modification Ohio Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not less than two-thirds of said value.

The sale may not take place until the notice of sale has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county in which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.

Lender's may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interest.

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