09-21-2010, 03:03 PM #1
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What rights do I have as an owner after the sheriff sale?
Jurisdiction / State: Ohio
My house was put up for sale and sold on 9/10/10. I was working with the bank prior to the sale date to work out a solution but the judge refused to grant another extension and my house sold. I was told by the bank that they would continue to work with me after the sale as long as the bank retained the property. Now they say there is nothing they can do and that I do not have a redemption period to work with either. I feel I have been misled and given the run around and feel the bank did not really want to work with me on a solution. I think they were just telling me whatever was necessary to get me off the phone. Everyone at the bank would tell me something different and when I made that comment to a manager, I got a completely different answer yet and told they didn't have the authority to make those kind of promises. I am so frustrated with this whole process. I tried to do the right thing and make it right when I could have just walked away and I feel as if I have been beaten with sticks and stones through this whole process.
I want to know if there really is not a redemption period in Ohio and if I can still get my house back?
09-21-2010, 03:29 PM #2
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- Nov 2009
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Okay, let's examine how a foreclosure must be done in Ohio.
The last sentence of item 4 is telling.
The right to redeem is limited and perishable in Ohio.
In Ohio, after the sale has been "confirmed", the "victim" (YOU) is unable to exercise a right of redemption, as in allowed in many other states.
From my reading of the statute, you have about 60 days before the sale.
I would expect that one has a few more days until the sheriff has done the confirmation.
The laws that govern Ohio foreclosures are found in §2323.07 of Ohio Revised Code.
In order to effectuate a foreclosure in Ohio, the following procedures must be followed:
1. A foreclosure complaint is filed in county court where the defendant has 28 days to file an answer otherwise a default judgment is entered. If an Answer is filed the case is adjudicated by summary judgment or trial. Once adjudicated a foreclosure decree is entered and the sheriff is directed to sell the property by foreclosure sale.
2. Three disinterested freeholders must provide an appraisal or estimate of the value of the property being foreclosed. The property cannot be offered for less than 2/3 of the appraisal or appraisement as it is commonly known.
3. The foreclosure sale must be advertised thirty (30) days in advance of the sale and such advertisement must occur once per week for three (3) consecutive weeks before the sale.
4. The Sheriff handles foreclosure sales in Ohio and these sales take place at the county courthouse. After the sale the sheriff will return a writ of execution indicating the sale has taken place and the court will determine if the sale has been undertaken legally which is called a confirmation. Once a confirmation takes place any right of redemption is extinguished and a deed is issued to the purchaser.
Last edited by army judge; 09-21-2010 at 03:32 PM.
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