In Ohio, how long after sheriff's auction will I need to move out now?

[triple7]

What is the name of your state (only U.S. law)? Ohio

Hello... I've searched this forum and found some answers but they are all several years old now. I'm wondering if timelines and/or laws have changed since some of these answers have been posted. My house is going to sheriff's auction on May 23 (1 month from now) How long will I have to stay in the house once the auction has happened? The house has very little equity AND a $75K lien on the property so I would think the chances would be that it goes back to the lender. I'm currently looking for a place to rent and packing up stuff every day but it would be very helpful to have an idea and timeline of when I should be out, and to know and/or expect what may happen after the auction.

I appreciated any info.
Thanks!

 

[quincy]

What is the name of your state (only U.S. law)? Ohio

Hello... I've searched this forum and found some answers but they are all several years old now. I'm wondering if timelines and/or laws have changed since some of these answers have been posted. My house is going to sheriff's auction on May 23 (1 month from now) How long will I have to stay in the house once the auction has happened? The house has very little equity AND a $75K lien on the property so I would think the chances would be that it goes back to the lender. I'm currently looking for a place to rent and packing up stuff every day but it would be very helpful to have an idea and timeline of when I should be out, and to know and/or expect what may happen after the auction.

I appreciated any info.
Thanks!

Here are a couple of links with information you can read over, the first link to The Daily Reporter's "FAQs - Sheriff Sales," and the second link to the Ohio Bar Association's "After Foreclosure: What You Should Know."

The Daily Reporter (Franklin County): http://www.thedailyreporteronline.com/node/2708237

OSBA: https://www.ohiobar.org/forpublic/resources/lawyoucanuse/pages/lawyoucanuse-148.aspx

Good luck.

 

[triple7]

Thanks for those links, but there is nothing about a timeline once it goes to auction. I understand what is about to happen, I just don't know how long its going to take. This situation is basically a "strategic default". The house was listed in a BK filing about 6 yrs ago. Between the amount still owed (underwater), and the $75K lien, I have no intention of trying to save the house. I've only stayed this long - and made the payments - as a matter of convenience. I found out about the lien within the last 2 years and its related to a loan my ex took out when we were married. So now its time to walk away, and I'm ok with that. I would just like to have an idea as to when I need to go, and not be shocked by a knock on the door saying I have 1 week - or even less.

I've heard 30 days after the auction, I've heard that it could be only a couple of days, and I've heard it could still be a couple of months. I thought by law I had at least 30 days after the auction. I would think that it would go back to the lender as it doesn't seem to be a very good investment with the lien and lack of equity. If so, does that mean it could be longer? I'm starting to look for a place to live - but do I have enough time to choose, or do I need to scramble and settle on something? Do I need to spend all my time packing up - which I've already started, or do I have time to go thru stuff and maybe sell some of it before I move?

If it helps, I'm in Cuyahoga County.

I do appreciate your time and knowledge. Thanks.

 

[quincy]

... I've heard 30 days after the auction, I've heard that it could be only a couple of days, and I've heard it could still be a couple of months ...

Essentially this is what happens after the sheriff's auction:

The sheriff reports the sale of the property to the court for confirmation of the sale. The sheriff has up to 60 days to report the sale. The sheriff can report it immediately or the sheriff can wait to report it.

Once the sheriff reports the sale to the court, the court has up to 30 days to confirm the sale. The court may confirm the sale immediately or the court can wait to confirm it.

Once the sale is confirmed by the court, the lender orders a new deed for the property. The time for this can vary and could potentially take up to 8 weeks - but it could be far less than that.

Once the deed is drawn up and the purchaser pays the purchase price and records the new deed, the purchaser can take possession. If the occupant is still residing in the home, the purchaser can move to have the occupant evicted.

Between the time of the sheriff's sale and the confirmation of the sale by the court, the property can be redeemed by the owner by paying the full amount owed on the judgment. Once the auction sale is confirmed by the court, however, the redemption period ends.

So, there is no set time between the auction sale and the time the occupant of the house must be out of the house or risk eviction from the house. If the occupant does not intend to redeem the property, it can be best to move right after the auction sale.

This is the timeline in Ohio to the best of my knowledge. We have an attorney from Ohio, however, who may stop by and who will correct any misinformation I may have inadvertently provided.

Good luck.