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i live in ca but own several investment properties in ohio. the declining area and economic circumstances has made it impossible to keep them rented. what are the foreclosure laws in ohio? can the lender sue me? can the lender seize my other assets?
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Once the real estate has been foreclosed upon, the lender can sue you in Ohio for any deficiency balance owed. The lender has 2 years under Ohio law to pursue the deficiency. If they do not try to obtain payment within 2 years after the foreclosure, then they are barred from trying to collect. Whether they can come after your personal assets depends on how you signed the promissory note. It is likely that you are personally liable on the notes, so any judgment would be against you personally and therefore against any personal assets you have. If you receive notice that a mortgage company is pursuing a deficiency balance, I would advise you meet with an attorney and discuss ways to protect your assets.
Answered on Feb 06th, 2013 at 2:54 PM