Dayton and Miami County Ohio Foreclosure Timeline
In Dayton (Vandalia, Huber Heights, Vandalia, Union, Brookville, Eaton, Fairborn, Beavercreek, Trotwood, Miamisburg, Kettering, Centerville, Belmont, Moraine, Riverside, Oakwood) and Miami County (Troy, Piqua, West Milton, Tipp City, Covington) as well as throughout Ohio, foreclosures are handled through the courts. This typically happens once the home owner has become three or more months behind on their loan payments although the bank can legally start the process the first day a payment is late. The borrower will have received a late notification from the their bank prior to the court documentation being filed.
Once the court documentation has been filed, the borrower is given notice usually by certified mail. If the borrower cannot be located, the lender may publish the notice of the court filing in the local newspaper. Once the notice has been properly delivered or published, the borrower is given 28 days to respond or the court can find them in default. Depending on whether the borrower answers the default will determine how long the foreclosure can take. By not answering the default, the process can take an average of 3 to 4 months. By answering the default, the process will usually take an average of 6 to 8 months.
During this time the borrower will have the ability to bring the loan current plus all court and associated attorney fees. If the loan hasn’t been caught up the county clerk issues an order of sale to the sheriff. At this point the sheriff will obtain an appraisal and publish an ad in the local newspaper for three weeks. The sheriff will then conduct a public auction. The sale price must be at least two thirds of the appraised value, adn the property is sold to the highest bidder. Once the sale is complete the court reviews and files an order confirming the sheriff’s sale. The sheriff will then prepared and issue a deed transferring ownership to the winning bidder. Note, the buyer has the right to redeem the property at any time before the sale is confirmed by paying the loan balance and all associated court costs.
If you are a borrower that has found yourself in this position it’s important to understand there are alternative options than letting your house go through the foreclosure process. Once of these options is a short sale where the bank will accept less (short) than the loan balance in a sale. Please visit Greg Greenwald’s Dayton Ohio Short Sale Website for more information how the short sale process works in Dayton (Vandalia, Huber Heights, Vandalia, Union, Brookville, Eaton, Fairborn, Beavercreek, Trotwood, Miamisburg, Kettering, Centerville, Belmont, Moraine, Riverside, Oakwood) and Miami County (Troy, Piqua, West Milton, Tipp City, Covington) Ohio.
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