Realty Trac reported that during February of 2013, one Ohio household in every 485 received a foreclosure notification. If you are one of those households there is little doubt that you are frustrated and confused. Fortunately, there may be options available to you including negotiating with your lender, loan modifications or filing bankruptcy.
Why people lose homes
The recent economy has been devastating for homeowners in many ways. Thousands of people every week are facing pink slips, rising gas costs and tumbling real estate values. In many cases, a homeowner discovers they simply do not have enough money to get through until the end of the month because their hours were reduced. Unfortunately, since mortgage payments are almost always one of the highest bills a homeowner pays on a regular basis, one missed payment can snowball until pretty soon it feels impossible to catch up. Sadly, not many homeowners understand that there are ways to fight a home foreclosure and they are often too embarrassed to ask for help.
Ohio foreclosure laws
There are two important pieces of information you need to know about foreclosures in Ohio. First, they are not quick processes, they generally take anywhere between five and six months from the date your lender advises you that your loan is in default. The second, and perhaps even more important, is that even if your home is sold at a foreclosure auction, you may be facing a potential judgment for any amount owed in excess of the foreclosure sale amount. This means that in spite of losing your home, you could be paying back your lender money even though you no longer have the home. This is one reason why borrowers may want to consider Ohio foreclosure defense attorney to determine if filing bankruptcy and working out a plan through bankruptcy to repay the amount in arrears is a good choice.
If you have received a foreclosure notification, you should contact Chris Wesner Law Office, LLC for help. We can discuss the various options available to you and help you determine which course of action works best for your individual situation. We may be able to help you protect your home from foreclosure.