An Ohio foreclosure process takes about 7 months to get completed. The rules regarding Ohio foreclosures are very much similar to the rules in other states. Hence if you are living in or near Ohio and you are looking for a good investment option, you can get hold of a copy of the Ohio foreclosure laws.
In Ohio, once the borrower defaults in paying his dues, the lender tries to make every attempt to make the borrower back on track with his payments. However if the borrower still defaults, then the lender proceeds to the court by filing all the necessary documents.
The lender may proceed to the court if the borrower has defaulted in paying at least two dues. Once all the paper work is in order and filed with the court, the notice is sent to the borrower either by certified mail, registered mail or other means.
If the borrower is not located then the lender will also send a foreclosure notice to the sheriff’s office. After this notice is filed, the borrower has 28 days to respond to the notice. The county clerk will also issue an order of sale if the court finds the borrower in default.
The borrower has an opportunity to stop the foreclosure proceedings by getting in touch with the lender and coming to a viable solution. In many cases this has really helped the borrower instead of the borrower just vanishing. If the borrower still defaults in making payments then the foreclosure proceedings against him begin.
The foreclosure process takes about 7 to 9 months to complete. You as a potential buyer can take advantage of such foreclosure offers as you can get the property for less than 30% of the market price. Get a hold of the listings of Ohio bank foreclosures from the internet or from the local newspapers.
Julie Thompson, has been working on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points of foreclosures. Try to visit ForeclosureRepos.com and begin your foreclosures by state search.