Foreclosure actions in Ohio may now take less than a year to be processed, expedited option introduced into law
Ohio: House Bill 390, involving the fast-track law for filing a foreclosure action
on a vacant property, has gone into effect.
The amendments can reduce the time for processing foreclosures in the state by more than a year, giving mortgagees more incentive to move quickly with planning renovations; though mortgagees are not required to apply for fast-tracking.
To utilize the expediting process, the residential mortgage loan must be in monetary default, and at least three of the following factors must be in place: utilities disconnected, entrances boarded, property is the object of vandalism, debris has notably accumulated, the mortgagor has declared in writing plans to abandon, no personal property appears to be in the home, or the property has been inspected to be vacant.
Court decisions to accept expedited foreclosure actions will be decided within 21-day periods based on the period in which the action is filed.
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