Cincinnati, OH asked in Real Estate Law for Ohio

Q: Loan has been in default since 2009. Have had sparse contact with anyone about this. Can they foreclose on my property?

I’ve informed them of the statute of limitations. He threatened foreclosure on the phone to me.

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1 Lawyer Answer
Bruce Martin Broyles
Bruce Martin Broyles
  • Lancaster, OH
  • Licensed in Ohio

A: The statute of limitations for a claim on a negotiable instrument under Ohio's version of the UCC is 6 years. However, each missed payment restarts the statute of limitations, unless the loan has been accelerated. If the loan has been accelerated, then the lender has six years within which to file a foreclosure.

Simply being in default does cause an acceleration. The lender can even provide you with a notice of default under paragraph 6 of most promissory notes without accelerating the debt. Instead, the lender must accelerate the debt for the statute of limitations to begin.

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