August 1, 2016
by Andrew Top
Lerner, Sampson & Rothfuss
USFN Member (Ohio)
On May 25th the Ohio Legislature passed Substitute House Bill 390, which modifies the state’s foreclosure sales process and authorizes expedited foreclosures on property deemed to be vacant and abandoned.
This bill incorporates many of the same provisions included in House Bill 134. (HB 134 was discussed in the Ohio Legislative Update feature in the spring USFN Report, and that article is posted in the article library at www.usfn.org.) The similar provisions include the types of proof needed to submit to the court to establish a residence as vacant and abandoned, and a shortened time period for the judgment and the foreclosure sale. HB 390 also adopts a second sale provision and a streamlined way of dealing with real estate taxes.
Additionally, this bill authorizes the use of a private selling officer as an alternative to the county sheriff and allows auctions of foreclosed properties to be conducted online, with electronic bids submitted up to seven days in advance of the sale date. HB 390 was signed by Governor Kasich on June 28th; the bill becomes law in 90 days.
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Summer USFN Report
Note for consideration of the USFN Award of Excellence: This article is a "Feature."