Legal Question in Real Estate Law in Ohio

Re: Forclosure

Dear Inquirer: Until and even after a Sheriff's sale of foreclosed property, the present owner has the right of equitable redemption. This right provide an opportunity to redeem the property from the mortgage holder until title actually transfers by recording. Courts are very interested in providing evey opportunity for an owner to remain in possession, wherever possible. So much so, that Ohio has now enacted new legislation providing for the courts to refer foreclosures to Foreclosure Mediation, to seek every possible avenue for debtor relief.

On September 11, 2008, the law and procedure relating to real property foreclosure in Ohio will undergo its most significant change in many decades. On that day, Sub. H.B. 138, which was passed by the Ohio General Assembly on May 11 and signed by Governor Strickland on June 11, 2008 will become law.

The court can stay the confirmation to permit a property owner time to redeem, or for any other reason the court considers appropriate. ORC 2329.31.

Contact an experienced Attorney familiar with the new laws to assist and guide you through the m,aze. Good luck!

Sincerely,

J. Norman Stark