{"id":988,"date":"2024-12-17T22:43:27","date_gmt":"2024-12-18T03:43:27","guid":{"rendered":"https:\/\/resimpliwebsites.com\/allohiohomebuyerssite\/?p=988"},"modified":"2024-12-19T01:04:00","modified_gmt":"2024-12-19T06:04:00","slug":"understanding-the-foreclosure-process-in-state","status":"publish","type":"post","link":"https:\/\/www.allohiohomebuyers.com\/understanding-the-foreclosure-process-in-state\/","title":{"rendered":"Understanding the Foreclosure Process in Ohio"},"content":{"rendered":"\n<p><strong>Understanding the foreclosure process in Ohio<\/strong> is an important part of navigating your own home foreclosure.<\/p>\n\n\n\n<p>Before we dive in&#8230;<\/p>\n\n\n\n<h2 id=\"h-understanding-the-foreclosure-process-in-state\">Understanding the Foreclosure Process in Ohio<\/h2>\n\n\n\n<h3 id=\"h-what-is-foreclosure-anyway\">What is foreclosure anyway?<\/h3>\n\n\n\n<p>Foreclosure is the legal process that lenders use to take back property securing a&nbsp;loan, generally after the borrower stops making payments.<\/p>\n\n\n\n<p>Foreclosure is no fun. &nbsp;But just know that it&#8217;s not the end of the world.<\/p>\n\n\n\n<p>When you know how foreclosure in Ohio works&#8230; it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.<\/p>\n\n\n\n<h3 id=\"h-the-basic-stages-of-a-foreclosure\">The Basic Stages of A Foreclosure<\/h3>\n\n\n\n<p>There are a few stages that are important to any foreclosure process.<\/p>\n\n\n\n<p>Foreclosure works differently in different states around the country.<\/p>\n\n\n\n<p>The two ways different states use to foreclose upon a&nbsp;property are: <strong>judicial sale<\/strong> or <strong>power of sale.<\/strong><\/p>\n\n\n\n<p><strong>Connect with us by calling (937) 519-2922<\/strong> or through our <a href=\"\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">contact page<\/a> to have us walk you through the specific foreclosure process here locally in Dayton Ohio.<\/p>\n\n\n\n<p>In either scenario, foreclosure typically doesn\u2019t go to court until 3-6 months of&nbsp;missed payments have elapsed. Usually (but not always), a lender will send out&nbsp;many notices that you are in arrears \u2013 overdue or behind in your payment.<\/p>\n\n\n\n<h3 id=\"h-under-judicial-foreclosure\"><strong>Under Judicial Foreclosure:<\/strong><\/h3>\n\n\n\n<ul>\n<li>Your mortgage lender must file suit in the court system.<\/li>\n\n\n\n<li>You\u2019ll get a letter from the court demanding payment.<\/li>\n\n\n\n<li>Assuming the loan is valid, you\u2019ll have 30 days to bring payment to court to&nbsp;avoid foreclosure (and sometimes that can be extended).<\/li>\n\n\n\n<li>If you don\u2019t pay during the payment period, a judgment will be entered and&nbsp;the lender can request the sale of your property \u2013 usually through an auction.<\/li>\n\n\n\n<li>Once the property is sold, the sheriff serves an eviction notice and forces you&nbsp;to immediately vacate the property.<\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-under-power-of-sale-or-non-judicial-foreclosure\"><strong>Under Power of Sale (or Non-Judicial Foreclosure):<\/strong><\/h3>\n\n\n\n<ul>\n<li>The mortgage lender serves you with papers demanding payment, and the&nbsp;courts are not required \u2013 although the process may be subject to judicial&nbsp;review.<\/li>\n\n\n\n<li>After the established waiting period has elapsed, a deed of trust is drawn up&nbsp;and control of your property is transferred to a trustee.<\/li>\n\n\n\n<li>The trustee can then sell your property to the lender at a public auction&nbsp;(notice must be given).<\/li>\n<\/ul>\n\n\n\n<p>Anyone who has an interest in the property must be notified during either type of&nbsp;foreclosure.<\/p>\n\n\n\n<p>For example, any contractors or banks with liens against a foreclosed&nbsp;property are entitled to collect from the proceedings of an auction.<\/p>\n\n\n\n<h3 id=\"h-what-happens-after-a-foreclosure-auction\">What Happens After A&nbsp;Foreclosure Auction?<\/h3>\n\n\n\n<p>After a foreclosure is complete, the loan amount is paid off with the sale proceeds.<\/p>\n\n\n\n<p>Sometimes, if the sale of the property at auction isn\u2019t enough to pay off the loan,&nbsp;a <strong><em>deficiency judgment<\/em> <\/strong>can be issued against the borrower.<\/p>\n\n\n\n<p>A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.<\/p>\n\n\n\n<p>Some states limit the&nbsp;amount owed in a deficiency judgment to the fair value of the property at the time&nbsp;of sale, while other states will allow the full loan amount to be assessed against the&nbsp;borrower.<\/p>\n\n\n\n<p>Here&#8217;s a great resource that lists the <a href=\"http:\/\/www.nolo.com\/legal-encyclopedia\/after-the-foreclosure-deficiency-judgments-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">state by state deficiency judgment laws,<\/a> since every state is different.<\/p>\n\n\n\n<p>Generally, it\u2019s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at All Ohio Homebuyers to help you negotiate&nbsp;discounts off the amount owed to avoid having to carry out a foreclosure.<\/p>\n\n\n\n<p>Experienced investors can help you by negotiating directly with banks to lower the&nbsp;amount you owe in a sale \u2013 or even eliminate it, even if your home is worth less than&nbsp;you owe.<\/p>\n\n\n\n<p>If you need to sell a property near Dayton, we can help you.<\/p>\n\n\n\n<p><a href=\"\/\" target=\"_blank\" rel=\"noreferrer noopener\">We buy houses in Dayton<\/a> Ohio&nbsp;like yours from people who need to sell fast.<\/p>\n\n\n\n<h3 id=\"h-give-us-a-call-anytime-company-phone-orfill-out-the-form-on-this-website-today\"><strong>Give us a call anytime (937) 519-2922 or<br><a href=\"\/\" target=\"_blank\" rel=\"noreferrer noopener\">fill out the form&nbsp;on this website today! &gt;&gt;<\/a><\/strong><\/h3>\n\n\n\n<p><strong>Another Foreclosure Resource For Dayton Ohio HomeOwners:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/topics\/avoiding_foreclosure\" target=\"_blank\" rel=\"noreferrer noopener\">Resources On Avoiding Foreclosure from the U.S. Government &gt;&gt;<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the foreclosure process in is an important part of navigating your own home foreclosure. Before we dive in&#8230; Understanding the Foreclosure Process in What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a&nbsp;loan, generally after the borrower stops making payments. Foreclosure is no fun. &nbsp;But just [&hellip;]<\/p>\n","protected":false},"author":166,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v20.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cash offer for your Dayton house<\/title>\n<meta name=\"description\" content=\"If you&#039;re having a hard time understanding the foreclosure process in [state], this short article walks you through how foreclosure works in [state] and your options...\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.allohiohomebuyers.com\/understanding-the-foreclosure-process-in-state\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" 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