Working through the process of foreclosure can be both challenging and overwhelming, especially when you’re faced with the uncertainty of how long the entire process will take. For homeowners, an overview of the Ohio foreclosure timeline is helpful for making informed decisions and finding the right legal help.
Ohio Foreclosure Timeline
Ohio is a judicial foreclosure state, which means that all foreclosures have to go through the courts. This ensures that homeowners have ample time to challenge the foreclosure or work toward an alternative solution. The foreclosure process in Ohio can take anywhere from six months to a year, and it depends on various factors.
The timeline can be broken down into distinct stages. Each one plays a role in determining how quickly (or slowly) everything proceeds. Some cases move along quite quickly, but delays from legal challenges, negotiations, and procedural requirements can make a foreclosure take much longer.
Bankruptcy can stop a foreclosure. For a free consultation, you can reach us at any of our offices at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).
Typical Stages and Timeline
Pre-Foreclosure: Missed Payments
Foreclosure starts when a homeowner has missed one or more of their mortgage payments. Most lenders allow for a grace period before they declare the loan as being in default. After missing multiple payments, lenders will send out a formal Notice of Default to inform the homeowner that foreclosure might begin if the debt isn’t settled.
The timeline for this depends on the lender’s policies about missed payments. Some are strict and allow for only one missed payment before they take action; others will give more time. Typically, the notice will be in the mail within 60 to 90 days.
Filing of the Foreclosure Complaint
If the borrower makes no effort to settle the default, the lender will put in a foreclosure complaint through the courts. The homeowner then receives a Notice, which gives details about the lender’s claim as well as instructions for responding.
After the filing, borrowers usually have 28 days to answer the complaint. If there’s no response, the lender will automatically get a default judgment in their favor.
Pre-Trial Proceedings
If the homeowner does respond to the complaint, the case moves on to pre-trial hearings. At this stage, borrowers can work with their lenders to try to negotiate alternatives to foreclosure, such as a loan modification or repayment plans.
The timeline for this stage can vary widely based on how much both sides are willing to work with each other. Negotiations can take anywhere from a few weeks to a few months.
Judgment and Foreclosure Sale
If no solution can be reached, the court might grant a judgment in the lender’s favor. Now the lender can schedule a sheriff’s sale, where the property is put up for auction. It typically takes anywhere from three to six months from the judgment to the sale of the property.
Redemption Period
The state of Ohio gives homeowners a right of redemption, which gives them a chance to reclaim their property if they pay off the outstanding debt before the sale is finalized. However, once the court confirms the sale in court, this right expires. The redemption period can last up to 30 days after the sale.
Eviction
If the property is sold and the homeowner still lives in the home, an eviction notice is given out. The overall timeline for the eviction depends on local rules and circumstances, but it usually takes at least 30 days so the homeowner has time to find another place to live.
Understanding your options can help you take control of the foreclosure process and protect your home. If you need help, contact any one of our Ohio offices.
Factors that Can Influence the Timeline
Lender’s Policies
Some lenders act more quickly when they choose to initiate foreclosure proceedings. Others prefer to at least attempt to work with their borrowers to find alternative solutions. Depending on which it is, this can either shorten or lengthen the overall timeline.
Homeowner’s Response
The speed of the process largely depends on whether the homeowner answers the foreclosure complaint and takes an active role in negotiations and legal proceedings. Not responding at all can lead to a quicker resolution, but it’ll be in favor of the lender.
Court Backlogs
Since Ohio requires judicial foreclosure, the pace of the process could end up being affected by the court system’s schedule. High case volumes or backlogs can lead to delays in rulings and hearings.
Pursuing Alternatives
Homeowners may choose to explore their options regarding loan modifications or repayment, or they may ultimately decide to sell the property themselves. Any one of these efforts can extend the timeline, but it may also ultimately stop the foreclosure process.
Filing for bankruptcy can stop a foreclosure. It is important to seek legal advice as soon as possible so that there is enough time before the sheriff’s sale to get the case filed.
The Importance of Seeking Legal Help
Seeing a foreclosure notice in the mail can cause a lot of anxiety, especially if you don’t have a clear understanding of your rights and options. Working with a skilled foreclosure attorney can give you invaluable guidance and support throughout the process.
Your lawyer will make sure everything complies with Ohio law and that your rights as a homeowner are upheld. This includes scrutinizing the lender’s actions and watching for possible mistakes or violations.
Legal professionals can also help you figure out whether some alternative could work better for your situation, such as:
- Repayment plans
- Loan modifications
- Short sales
- Deeds in lieu of foreclosure
- Filing for bankruptcy
The best option will depend on your exact situation, but any one of these could provide a way to resolve the issue without losing your home.
Take Action to Protect Your Home
The foreclosure timeline involves a lot of complicated moving parts, but having a basic understanding of the procedure and the right legal counsel can make all the difference. Whether you’re in the early stages of missed payments or you’re facing an impending foreclosure trial, there are steps you can take to protect your home and your financial future.
If you’re facing foreclosure in Ohio and considering bankruptcy, don’t wait to get help. Contact Fesenmyer Law Office today at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) to discuss your situation and go over your options.
