There are many different types of loans that people use to purchase a home. The most well-known loan is the mortgage, but many people use the term "mortgage" when what they're actually referring to is the deed of trust. While they're both used to finance a home purchase, the difference between the two terms is noticeable only when the homeowner defaults.
Mortgage
In Ohio, home loans are usually mortgage loans, according to RealtyTrac. A mortgage loan is an agreement that's signed by two parties, the borrower and the lender. Once the mortgage is signed, a lien is recorded against the home in the Ohio county's records office where the home is located. Since Ohio is a lien theory state, the borrower holds the title to the property, but it can't be transferred to another owner until the lien (loan) has been paid off. If the buyer defaults, then the mortgage lender can take the home back through a process called judicial foreclosure.
Deed of Trust
The deed of trust is another type of home loan. However, there are two important differences. In a deed of trust, the title is held during the loan repayment period by a trustee, who's a neutral third party. When the loan is repaid, the trustee transfers the title to the homeowner; if the borrower defaults, then the trustee initiates a foreclosure action. Deed of trust foreclosures are usually faster, easier and cheaper than mortgage foreclosures because they may not have to proceed judicially.
Judicial and Nonjudicial Foreclosure
Ohio foreclosures must proceed judicially. This means that lenders must sue a delinquent borrower in a court of law to reclaim the home, in addition to meeting other stringent requirements. Mortgage loans usually require judicial foreclosure. Deed of trust foreclosures tend to proceed nonjudicially, assuming the lender has a "power of sale" clause. The lender begins the process by notifying the homeowner of the default and filing a "lis pendens" with the county records office.
Foreclosure in Ohio
According to RealtyTrac, the typical foreclosure takes about 217 days from start to finish. Lenders are allowed to sue the borrower for the deficient balance; in other words, if the home sale proceeds aren't enough to satisfy the outstanding home-related debt, then the lender can sue the borrower for the leftover deficient balance. The homeowner can stop the foreclosure by paying the full balance due -- plus any additional interest, penalties and costs -- to the lender prior to the sale. If he can't, then the home is sold at auction by the county sheriff.
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