Ohio Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Real Property / Ohio Rev. Code Ann. §5315.03(B) | Acknowledgment of DOLLAR Deed Program Application Documents | A lender must respond to an applicant in writing not later than 30 days after the date the lender receives all application documents. A lender is not required to participate in the program. |
| Mortgage Loan Act / Ohio Admin. Code §1301:8-3-07(G) | Balloon Loan Disclosure | If a loan is nonamortizing or partially amortizing, a lender must provide the borrower with written notice of maturity at least 90 days, but not more than 120 days, prior to the expected maturity date. |
| Mortgage Loan Act / Ohio Admin. Code §1301:8-3-07(M) | Default of Mortgage Loan Notice | In the case of any default of a mortgage loan, the lender must, in the lender's written notice of the payment deficiency, provide a toll-free number by which the borrower can discuss the payment problem and workout options. |
| Ohio Rev. Code Ann. §2329.08 | Deficiency Judgment | Any judgment for money rendered in a court of record in this state upon any indebtedness which is secured or evidenced by a mortgage, or other instrument in the nature of a mortgage, on real property or any interest therein, upon which real property there has been located a dwelling or dwellings for not more than two families which has been used in whole or in part as a home or farm dwelling or which at any time was held as a homestead by the person who executed or assumed such mortgage or other instrument, or which has been held by such person as a homesite, shall be unenforceable as to any deficiency remaining due thereon, after the expiration of two years from the date of the confirmation of any judicial sale of such property completed subsequent to the rendition of such judgment. Any execution issued upon such judgment, or any action or proceeding in aid of execution, or in the nature thereof, or to marshal liens, commenced prior to the expiration of such two year period, shall not be affected by this section. This section does not affect any action or proceeding in the nature of a creditor's bill, commenced within such two year period, to subject the interest of the judgment debtor in any property owned at the date of such judgment and concealed with intent to hinder, delay, or defraud creditors. |
| Real Property / Ohio Rev. Code Ann. §5315.04(B) | DOLLAR Deed Program Documents | If a borrower is approved for D.O.L.L.A.R. deed program, the documents required to be executed must be provided to the borrower at least 10 business days before the documents are signed by both parties. |
| Ohio Rev. Code Ann. §5315.04 | DOLLAR Deed in Lieu of Foreclosure | If a lender approves a borrower applicant to the D.O.L.L.A.R. deed program, the borrower and lender shall execute and record a deed in lieu of foreclosure that transfers to the lender all of the borrower's right, title, and interest in and to the real property. |
| Mortgage Loan Act / Ohio Admin. Code §1301:8-3-07(G) | Interest Rate Change Disclosure | Generally, a lender must notify the borrower in writing of any interest rate change at least 30 days, but not more than 120 days, prior to the effective date of the change. If the interest rate is tied to a published and verifiable index and the contractual rate of interest is adjusted within 45 days of change in the published index rate, the lender must notify the borrower in writing of any interest rate change at least 30 days prior to the effective date of the change. However, in the case of an adjustable rate mortgage loan having an initial fixed rate period, the lender must notify the borrower in writing of the pending date when the mortgage is to reset to a variable rate at least 6 months, but not more than 7 months, in advance of the initial scheduled reset date. |
Notice of Sale - Judicial | (A) Lands and tenements taken in execution shall not be sold until all of the following occur: (1) (a) Except as otherwise provided in division (A)(1)(b) of this section, the judgment creditor who seeks the sale of the lands and tenements or the judgment creditor's attorney does both of the following: (i) Causes a written notice to be served in accordance with divisions (A) and (B) of Civil Rule 5 upon the judgment debtor and upon each other party to the action in which the judgment giving rise to the execution was rendered. Such notice shall include the date, time, and place of the sale if the sale is to be held at a physical location or the start date and web site address of the sale if the sale is to be held online. Such notice shall also include the provisional second sale date described in division (B) of section 2329.52 of the Revised Code, if applicable. (ii) At least seven calendar days prior to the date of the sale, files with the clerk of the court that rendered the judgment giving rise to the execution a copy of the written notice described in division (A)(1)(a)(i) of this section with proof of service endorsed on the copy in the form described in division (B) of Civil Rule5. (b) Service of the written notice described in division (A)(1)(a)(i) of this section is not required to be made upon any party who is in default for failure to appear in the action in which the judgment giving rise to the execution was rendered. (2) One of the following applies: (a) The officer taking the lands and tenements gives public notice once a week for at least three consecutive weeks before the day of sale if the sale is to be held at a physical location or the start date of the sale if the sale is to be conducted online. Such notice shall be by advertisement in a newspaper of general circulation in the county. The newspaper shall meet the requirements of section 7.12 of the Revised Code. The court ordering the sale may designate in the order of sale the newspaper in which this public notice shall be published. The notice shall include all the following information: (i) The date, time, and place of the sale if the sale is to be held at a physical location: (ii) The start date, the minimum duration, and web site address of the sale if the sale is to be held online: (iii) The deposit required by section 2329.211 of the Revised Code: (iv) That the purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover; (V) The provisional second sale date described in division (B) of section 2329.52 of the Revised Code, if applicable: provided, however, that no sale shall be invalid, nor shall the court vacate any sale, if the notice described in division (A)(1)(a)(i) of this section or the public notice described in division (A)(2) of this section fails to include the provisional date for a second sale of the property and the property is sold on the initial sale date. (b) If a private selling officer has been ordered to sell the lands and tenements, the private selling officer shall give the public notice described in division (A)(2)(a) of this section in the newspaper designated by the court. If the court has not designated a newspaper, the private selling officer shall give this public notice in the newspaper customarily used or designated by the county sheriff No sale that otherwise complies with division (A)(2) of this section shall be invalid. | |
| Mortgage Loan Act / Ohio Rev. Code Ann. §1321.58(F) | Open-End Loan Account Notice | Whenever there is no unpaid balance in an open-end loan account, the account may be terminated by written notice, by the borrower or the lender, to the other party. If a lender has taken a mortgage on real property to secure the open-end loan, the lender must deliver, within 30 days following termination of the account, a release of the mortgage to the borrower. |
| Mortgage Loan Act / Ohio Admin. Code §1301:8-3-07(K) | Payment History | In providing any payment history requested by the borrower or by the Superintendent of Financial Institutions, the lender must provide a clear and accurate payment statement in a manner a reasonable borrower should understand that sets forth the dates and amounts due and owing and the dates and amounts received and paid. |
| Mortgage Loan Act / Ohio Admin. Code §1301:8-3-13(B) | Payment Receipts | If requested, a lender must give the borrower a receipt for each payment made on account of any interest-bearing or precomputed loan. |
| Execution Against Property / Ohio Rev. Code Ann. §2329.152(C)(1) | Postponement of Sale by Private Selling Officer (Effective on September 28, 2016) | A judgment creditor that obtains a court order authorizing a specified private selling officer to sell the real estate at a public auction may instruct the private selling officer to postpone the sale of the real estate 1 or more times, provided, however that all rescheduled sale dates must be within 180 days of the initial sale date. |
| Ohio Rev. Code Ann. §2308.031 | Property Preservation | (A) No person shall use plywood to secure real property that is deemed vacant and abandoned under section 2308.02 of the Revised Code. (B) Division (A) of this section shall not apply to any person that uses plywood to secure real property that is deemed vacant and abandoned under section2308.02 of the Revised Code prior to the effective date of this section. |