Ohio Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
The property can't be sold at a foreclosure sale for less than two-thirds of the appraised fair market value. (Ohio Rev. Code § 2329.20, § 2329.17). This requirement limits the amount of the deficiency judgment.
In return for the lender having the power to sell the property, the Power of Sale clause protects the borrower by stating that when the lender sells the property, the lender may not hold the borrower liable for any cost not covered by the sale unless the lender is able to obtain a deficiency judgment in their favor, ...
Primary tabs. Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover the debt.
In most states, including Ohio, if a foreclosure sale results in a deficiency, the lender may get a "deficiency judgment" (a personal judgment) against the borrower for the deficiency amount.
If a foreclosure is nonjudicial, the foreclosing lender must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, with a judicial foreclosure, most states allow the lender to seek a deficiency judgment as part of the underlying foreclosure lawsuit.
In the context of a foreclosure, a "deficiency" is the difference between what the borrower owes on the mortgage loan and the foreclosure sale price. In Ohio, a foreclosing bank can seek a deficiency judgment?that is, a personal money judgment against the borrower?if the foreclosure sale results in a deficiency.
Ohio law has two distinct statutes of limitation for enforcing notes and mortgages. On one hand, actions to enforce a note must be brought within six years after the acceleration of the debt. On the other hand, the statute of limitations to foreclose on a mortgage is a far more generous 21 years.
Redemption Period: Up to 90 Days The time between the sale and the court's confirmation is called the redemption period. During the redemption period, you have the legal right to buy your home back for the sale price plus any fees incurred during the foreclosure process.