How Can a Lender Foreclose on a Property in Ohio?
In Ohio, a lender must sue a borrower in state court in order to foreclose on a property. If the borrower does not respond to the lawsuit within 20 days then a default judgment is entered for the lender. The lender must meet the property appraisal and notice requirements set forth by state law when foreclosing on a property. The sheriff then conducts the foreclosure sale which is held as a public auction with the opening bid being no less than two thirds of the property’s appraised value.