What is the primary purpose of "foreclosure" in Ohio?

The primary purpose of foreclosure in Ohio is the legal process by which a lender repossesses property after the borrower defaults on payments. This process typically occurs when a borrower has failed to meet their mortgage obligations, such as not making the required monthly payments. The lender, securing its interests and being entitled to recover the loaned amount, initiates foreclosure proceedings, which can ultimately lead to the sale of the property to recover the unpaid debt.

Foreclosure serves to protect lenders from further loss and to help ensure that loan agreements are honored. In this legal context, the property is often sold at auction, allowing the lender to recoup some of the financial losses incurred due to the borrower's default. Additionally, the foreclosure process can have broader implications within the housing market, affecting property values and availability.

The other options encompass processes or financial assistance mechanisms that are unrelated to the purpose of foreclosure itself. They do not align with the legal ramifications or outcomes of failing to meet mortgage obligations.