Finance
Under Ohio law, how is a mortgage foreclosure typically carried out?
ANon-judicially through a trustee's sale
BJudicially through the court system, resulting in a sheriff's sale✓ Correct
CThrough binding arbitration
DBy ODREPL administrative action
Explanation
Ohio is a judicial foreclosure state. The lender must file a lawsuit, obtain a court judgment, and the property is sold at a court-ordered sheriff's sale.
Related Ohio Finance Questions
- In Ohio, which type of lending institution is a 'thrift' (savings and loan association)?
- What is a USDA Rural Development loan?
- What is the difference between a fixed-rate and adjustable-rate mortgage (ARM)?
- In Ohio, a 'participation loan' in commercial real estate financing typically involves:
- In Ohio, a 'loan modification' differs from a refinance in that a loan modification:
- Under the Dodd-Frank Act, an Ohio lender making a 'qualified mortgage' (QM) must ensure the borrower has:
- What is the purpose of private mortgage insurance (PMI)?
- In Ohio, a 'home equity loan' is typically structured as:
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →