Redemption and Deficiency Judgments in Ohio
Whether you can buy back your home after a foreclosure sale in Ohio, and whether the lender can sue for what's still owed.
Short answer: Ohio's statutory redemption right ends when the court confirms the sale: until confirmation, the debtor may redeem by paying the judgment, costs and 8% annual interest on the purchase money from the sale date. Ohio Rev. Code § 2329.33
| Redemption after the sale | Ohio's statutory redemption right ends when the court confirms the sale: until confirmation, the debtor may redeem by paying the judgment, costs and 8% annual interest on the purchase money from the sale date. Source: Ohio Rev. Code § 2329.33 |
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| Deficiency judgments | Yes, but limited in time for homes. For a mortgage on property with a dwelling for not more than two families that was used as a home or farm dwelling (or held as a homestead or homesite by the borrower), a judgment for the debt becomes unenforceable as to any remaining deficiency two years after the court confirms the judicial sale, unless collection steps were started within that period or the borrower filed a written waiver. Source: Ohio Rev. Code § 2329.08 |
More Ohio foreclosure & homeowner law
- How Foreclosure Works in Ohio
- HOA Liens and Foreclosure in Ohio
- Getting Your Home Back After a Tax Sale in Ohio
- All Ohio foreclosure & homeowner law rules
FAQ
Is there a right of redemption after foreclosure in Ohio?
Ohio's statutory redemption right ends when the court confirms the sale: until confirmation, the debtor may redeem by paying the judgment, costs and 8% annual interest on the purchase money from the sale date.
Can the lender come after you for the rest of the loan after foreclosure in Ohio?
Yes, but limited in time for homes. For a mortgage on property with a dwelling for not more than two families that was used as a home or farm dwelling (or held as a homestead or homesite by the borrower), a judgment for the debt becomes unenforceable as to any remaining deficiency two years after the court confirms the judicial sale, unless collection steps were started within that period or the borrower filed a written waiver.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.