Bank Foreclosure and Real Estate Liquidators
Assisting banks and lending institutions in liquidating their foreclosures and pre-foreclosure houses. Serving the Columbus and Central Ohio Areas.
Links to Helpful News Articles:
Foreclosures for sale in Worthington, Ohio
Foreclosures for sale in Dublin, Ohio
Foreclosures for sale in Powell, Ohio
Foreclosures for sale in Lewis Center, Ohio
Foreclosures for sale in Upper Arlington, Ohio
Foreclosures for sale in Delaware, Ohio
Foreclosures for sale in Marysville, Ohio
Foreclosures for sale in Hilliard, Ohio
Foreclosures for sale in Westerville, Ohio
Foreclosures for sale in New Abany Ohio
Foreclosures for sale in Clintonville, Ohio
Foreclosures for sale in Grandview Heights, Ohio
Foreclosures for sale in Gahanna, Ohio
Foreclosures for sale in German Village, Ohio
Foreclosures for sale in Short North, Ohio
Foreclosures for sale in Victorian Village, Ohio
Foreclosures for sale in Grove City, Ohio
Foreclosures for sale in Blacklick, Ohio
Links to Columbus Area Suburbs:
What is foreclosure?
Foreclosure is the legal process a bank must follow to end a homeowners ownership rights to a property if they have failed to make mortgage payments. If they have failed to make mortgage payments, and have been unable to make other arrangements with the bank, the servicer may file for foreclosure, usually in the common pleas court of the county where the house is located.
What is the process of a foreclosure?
Once the bank files the foreclosure complaint in court, the owner will be served either by certified mail or personally by a deputy sheriff or process server. After the owner has been served, they will have 28 days to file an answer. If they do not file an answer, a default judgment will be entered against the owner. This means the court will assume that the homeowner does not dispute the banks claims and will issue the order for the sale of the house. If the homeowner does file an answer disagreeing with the banks claims, the court may set further hearings, take evidence (written or oral), decide the claims, and issue orders.
If the court grants the foreclosure, an order of sale will go to the county sheriff. After receiving this order, the sheriff is required to have the property appraised. Following the appraisal, the sheriff will schedule a sale and then advertise the sale of the property in the local newspaper for at least three consecutive weeks. The sale is a public sale which is held either at a designated area in the courthouse or at the sheriff’s office. The property must sell for at least two-thirds of its appraised value. The sheriff will report the results of the sale to the court. The servicer will then ask the court to confirm the sale. This means the court will approve the sale, order a new deed for the buyer, and distribute the money from the sale.
Once the court confirms the sale, the buyer is entitled to possession. If the homeowner has not moved out of the house at this time, the buyer can ask the sheriff to evict. The buyer does not have to notify the homeowner that he or she is asking the sheriff to remove them from the house.
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