Sell My House in Foreclosure in Ohio

Yes, you can sell your house in foreclosure. The Ohio Supreme Court lists a short sale as an option for homeowners. A short sale is a sale for less than the loan balance. An owner can redeem the house until the court confirms the sale. Before confirmation, the Sheriff says a mortgage payoff or new financing keeps the home. After the court files confirmation, the owner can no longer redeem. We make a cash offer for the house as it stands today. You decide whether to accept the offer.

No, you should not sign over the deed unless you are actually selling the house. The Ohio Attorney General gives this warning to homeowners.

You have 28 days to respond to a foreclosure complaint in Ohio. The 28 days run from receipt of the complaint. Failing to respond could speed up the process, says the Franklin County Treasurer.

A servicer cannot start a foreclosure until the loan is more than 120 days late. The mortgage servicer may not make a first foreclosure notice or filing sooner. 12 CFR 1024.41(f)(1) sets this federal rule. The same section lists two exceptions.

Yes, a foreclosure case can be mediated in Ohio before filing and up to confirmation. The Ohio Supreme Court's statewide foreclosure mediation FAQ says this. Save the Dream Ohio is the state's network of resources for homeowners facing foreclosure. Save the Dream Ohio services cost the borrower nothing, says the Ohio Supreme Court. A local legal aid office or a HUD-approved financial counselor also helps at no cost. The Ohio Supreme Court urges homeowners to seek legal counsel or a HUD-approved counselor.

Yes, a bona fide tenant keeps rights when a foreclosure buyer takes the house. A bona fide tenant is a tenant with a genuine lease. The federal Protecting Tenants at Foreclosure Act sets those rights. A 2018 law restored the protections and removed their expiration date. A lease is bona fide only when three things are true. The tenant is not the owner or the owner's child, spouse or parent. The lease was an arm's-length deal between people who are not related. The rent is not substantially below fair market rent, or a subsidy reduces it.

How much notice must a foreclosure buyer give a tenant?

A foreclosure buyer must give a bona fide tenant 90 days' notice to vacate. A tenant with a bona fide lease may stay to the end of the lease. The buyer may end the lease in one case. The case is a sale to someone who will live there as a primary residence. The tenant still gets the 90 days' notice.