I’m trying to determine how long a creditor can come after you for a deficiency judgment if you’ve had a foreclsoure on an investment home in Ohio. I found Ohio Revised Code 2329.08 (see below). Any thoughts? I am having trouble interpreting the grouping of the OR’s in the law. Not sure if one had to live in the property themselves for some time. Thanks.
2329.08 Limitation of enforcement of deficiency judgment - waiver - pending actions.
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.
Ohio Statute of Limitations
Ohio Collection Agency Laws
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Following is some important information on Ohio state debt recovery laws including: Ohio Statutes, Ohio Judgments, Ohio Garnishments, Ohio Interest Rates, and Ohio Bad Check Laws.
* Legal: 10%
* Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
* Open Account: 6
* Written Contract: 15
* Sales Contract: (UCC2-725)
* Domestic Judgment: 21 renew every 5
* Foreign Judgment: 21 renew every 5