Foreclosure Judicial Reports

Foreclosure Judicial Reports

It is important that a foreclosure sale delivers clear and marketable title to the purchaser at sale. Therefore, the title search underpinning it must be accurate and reliable to promote confidence in the foreclosure sale process and attract purchasers. Aries Land & Title, LLC provides preliminary judicial reports and judicial commitments required by mortgage lenders during property foreclosures in Kentucky, Ohio and Indiana.

In order for there to be clear title secured at the foreclosure sale, all parties with a recorded interest in the real estate need to be named in the lawsuit to answer as to their interests. A title search/exam is completed to determine which parties have an interest in the real estate. A title search/exam is an examination by a title agent of all public records that affect the property being foreclosed. The title agent reviews prior mortgages, judgments, and liens to make sure they were all paid in full and past wills, deeds and trusts, making sure the title has passed correctly to each new owner. The title agent is looking for unpaid taxes, an unsatisfied contractor’s lien, a boundary dispute, or fraudulent documents – any issue that can indicate a party may have an interest or claim against the property being foreclosed.

Foreclosure actions in Ohio must be supported by Judicial Reports. Different reports are required throughout the foreclosure process:

• Preliminary Judicial Reports. Filed at the time of the foreclosure complaint for the use and benefit of the guaranteed party, and the purchaser or the judicial sale, guaranteeing the record title only.
• Updated or Supplemental Reports. Filed at any point during the foreclosure, these reports update the court on changes made to the property.
• Final Judicial Report. Showing the final status of the property prior to judgement and the foreclosure sale, Final Judicial Reports are filed with the Plaintiff’s dispositive motion.