Ohio passed a bill amending the state’s foreclosure procedures. Under the bill, a foreclosing lender or servicer may elect to have foreclosed property sold by either the county sheriff or a “private selling officer.” If the lender or servicer elects to have the property sold by a private selling officer, the lender or servicer must file a motion with the court for an order authorizing the private selling officer to sell the property at public auction. In addition, the bill: sets forth provisions in the event foreclosed property is sold online; requires the creation of a statewide public sheriff sale website for use by all county sheriff’s conducting foreclosure sales; sets forth provisions with respect to the postponement or cancellation of a foreclosure sale; and requires the recording of the foreclosure deed and the order confirming the foreclosure sale following the completion of the foreclosure sale.
The bill also establishes an expedited judgment and sale procedure for “abandoned residential property.” Under the bill, a lender or servicer electing to utilize the expedited judgment of foreclosure and sale procedure must file a motion with the court to proceed in an expedited manner. The bill requires the court to rule on the motion no later than 21 days after the answer period expires (or within the time prescribed under local court rules). If the court determines that the property is abandoned, the court must enter a final judgment and decree of foreclosure and order the property to be sold no later than 75 days after the issuance of the order for sale. The bill becomes effective October 1, 2016.
See Ohio General Assembly website for the full text of the Statutes:
http://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_131/bills/hb390/EN/06?format=pdf
