Ohio Foreclosures
My understanding is that all liens except tax liens and any property assesmnets are wiped out at auction no matter who is foreclosing on the property even if it is a junior lienholder. True?
Is there a website on Ohio foreclosure law that can verify this? Thanks
I am in Ohio and I second what APrealty said. Proceeds of winning bid pays off property tax liens first, with the remaining balance going to the order of lien holders. Clear title at sale.
mcole - Ohio is a judicial foreclosure state.
Thanks ShortSalePro. I really appreciate your time and explaination.
I was under the impression that in a non-judicial foreclosure there was no deficiency allowed. Maybe I’m just thinking about purchased-money liens.
But your last sentence probably says it best. (LOL)
: )[ Edited by mcole on Date 10/27/2006 ]
Just to clarify once again, my understanding is that no matter who is foreclosing on the property, whether it be a junior or senior lienholder is of no concern to the bidder at auction. All liens are wiped out except for tax and judgement liens and any local easments or assements.
Ok , what your are saying is true , but the point I am trying to make is that when a person is preparing to bid on a Ohio foreclosed property , he needs only to be concerned about tax and judgement liens and local assessments. All mortgages are extinguished and the bidder is not liable for them. This info was derived from the County sheriifs office and an attorney who verified .
this is in almost every REO sale -- regardless of the condition of the property.
The lender simply wants to get his cash, be done with it, and not have any future problems or claims pending.
Standard REO verbiage. They pretty much do not want to be liable for anything
So I guess the opinions here are that even though I have never seen this notarized request form before, I have no choice but to sign it?
I should point out that I was told that the home is sold as-is and this is clearly indicated on the purchase agreement. I have no problem with that. I was just concerned about the wording on this one form that says that I understand and waive ALL rights per State law when buying this property as-is. It just seemed a little overboard to me.
Thanks for the input.
JS