Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Ohio Instruction to Jury Regarding Damages for Wrongful Foreclosure is a set of guidelines provided by the court to the jury during a wrongful foreclosure case in Ohio. These instructions aim to educate the jury about the various types of damages that can be awarded to the plaintiff, who has suffered due to a wrongful foreclosure. The jury's understanding of these instructions is crucial for them to make an informed decision and accurately calculate the damages. The following are some key types of damages that may be included in the instructions: 1. Compensatory Damages: These damages are intended to reimburse the plaintiff for the actual losses they have suffered as a direct result of the wrongful foreclosure. This may include the amount of equity lost, any additional expenses incurred, and potential emotional distress caused by the foreclosure. 2. Punitive Damages: In cases where the defendant's actions are found to be particularly egregious or malicious, the jury may be instructed to consider awarding punitive damages. These damages are meant to punish the defendant and deter similar behavior in the future. 3. Lost Profits: If the plaintiff can demonstrate that they have suffered financial losses and a decrease in future earnings as a result of the wrongful foreclosure, the jury may be instructed to consider awarding damages for lost profits. 4. Non-economic Damages: Ohio law recognizes that wrongful foreclosure can cause emotional distress, mental anguish, and damage to the plaintiff's reputation. Therefore, the jury may be instructed to assess non-economic damages, which are intended to compensate for these intangible losses. 5. Attorneys' Fees: In certain circumstances, the jury may be instructed to consider awarding the plaintiff attorneys' fees and legal costs incurred throughout the litigation process. 6. Interest: The jury may be instructed to consider awarding interest on the compensatory damages. The interest may be calculated from the date of the wrongful foreclosure until the date of the verdict. It is important to note that specific instructions provided to the jury may vary depending on the unique circumstances of each case. These instructions are designed to ensure a fair and just determination of damages in a wrongful foreclosure case in Ohio.
