Acquiring non performing note in Ohio- Need to learn foreclosure procedure in OH

General Real Estate Investing
1

I am buying a non performing note on a commercial property in OH.

Ultimately I want to own the property and collect the rents.

So I need understand the process to get the ownership of a commercial property in OH that has a non performing note.

Affidavit in support of motion for appointment of receiver has been filed in court and a Receiver has been in place since Nov 2012.

I am trying to understand:

  1. how long it will take me to foreclose the property to get the property back once I purchase the note?

  2. What processes does foreclosure involve in OH, court or trustee sale?

  3. How much I should expect to pay in legal fees/court fees including everything till I get the property back?

  4. Once I purchase the note, does the court appointed receiver stay in place and pay me the rents that is being collected from tenants?

  5. need recommendation on a good real estate attorney that understands notes.

thanks

Sammy

2

Hi,

These answers:
  1. 10 to 12 months!
  2. Court Lawsuit!
  3. $3.5k to $7.5k!
  4. Unknown! (Probable not as this action pertains to this current note holder!)
  5. Looking!

Ohio law say’s note holder can only bid at sheriff sale up to the maximum on the note and sheriff sale must start at 2/3 of current appraised value.

           GR
3

thanks Gold river.

Ultimately I want to take the property back and own it.
Also what if it does not sell at the Sheriffs sale after 2 auctions.
In other words can I turn my interest as note holder in to property ownership?

Is there such thing as Mortgage debt forgiveness in exchange of getting ownership of the property.