Posted by John Merchant on February 20, 2005 at 10:18:55:
OH law maybe carves out an exception to the 7 year SOL as to Deficiency actions post-foreclosure.
A legal researcher would need to carefully read the OH statutes & case decisions to see what, exactly, the existent law actually is.
Deficiency Judgements - Posted by Keith (OH)
Posted by Keith (OH) on February 16, 2005 at 11:45:13:
This is copied right from our county courts website;
“A deficiency judgment may be obtained by the lender along with the order commanding a foreclosure sale. The deficiency is void two years after the foreclosure sale is confirmed. However, the enforcement may continue if the debtor signs an agreement to postpone the enforcement past two years.”
I am holding a judgement against someone who defaulted on a mortgage to me. What is meant by “void” after 2 years, does this mean I can’t collect or attempt to collect on that judgement 2 years after the sale ? My attorney said the states (Ohio)SOL is 7 years on collecting judgements and possibly longer if they are renewed but I don’t know if that applies here. This seems like it is telling me if I don’t act on the judgement within 2 years i’m outta luck.
Am I missing something?
Keith