Ohio Foreclosure Timeline
How long does foreclosure take in Ohio?
Many people assume there is nothing that can be done once payments are missed or foreclosure starts. But that is not true.
You Have Options
We regularly help people avoid a sheriff’s sale without the need for bankruptcy when they call us early in the process. If you’ve been served foreclosure papers, don’t move out. Instead, contact our law firm to see how we might be able to help you stay in your home. You must respond to the lawsuit and know if you have any counterclaims which can help you negotiate with the bank.
Most of our clients have tried to work with their mortgage company on their own without results. We step in and help homeowners avoid foreclosure (and avoid bankruptcy) to get loan modifications, even after the bank has refused a request by you. Don’t assume you will lose your home to foreclosure.
Do not move out.
Answer the lawsuit.
Get your case evaluated for counterclaims.
Continue to work with your servicer through counsel.
Ohio Foreclosure Timeline
If you do not take any action to prevent the foreclosure and sheriff’s sale, Ohio foreclosure takes several months from date the homeowner first misses a payment to moving out (see below). This lengthy period assumes the homeowner does not make an appearance or defend the foreclosure in court.
With an attorney, the foreclosure process can take much longer, especially if your goal is to find a way to get back on track. Normally, loan modifications or deals with the mortgage company that save the home can resolve the foreclosure within 5 to 14 months with counsel. If you are working to get a modification or deal done with the bank, then securing a deal can prevent the foreclosure and sheriff’s sale all together.
If you defend the foreclosure through a lawyer, the hope is that your foreclosure will be dismissed when a deal is done. That way, the foreclosure does not cause you to have to move out (assuming you do not want to move for a "cash for keys" deal). A deal might include a loan modification, fee write-off, damages, or other terms you negotiate.
Don't Move Out!
If you are facing foreclosure, you should NOT move from your home until the sale is confirmed (later in the process - see below). In Ohio, you own your home. The bank only has a lien against it. Thus, you are on the hook for any losses to the property while it is still in your name, even during foreclosure. This includes liability for injuries, code enforcement actions, and possibly theft of vandalism to the home. Because of this, you should not move at the point of receiving a pre-foreclosure letter, or even at the point the foreclosure lawsuit is filed.
Staying in your home until the foreclosure sale protects you, and helps maximize value to avoid any deficiency judgment. Of course, if you retain counsel and get a deal done, this shouldn’t be an issue. However, if you are set on losing the home through foreclosure, then you will want to keep the property in good condition through the sale. If the sale price is higher than the amount you owe, you are entitled to the excess proceeds. That is another reason to not move out.
Finally, not moving out gives you more time to try and get back on track. It gives you time to find employment, organize your affairs, or get past whatever has caused this situation in the first place. Contact us today to see if we can help.
Act Now or Read More About Foreclosure Defense
Contact one of our top rated foreclosure lawyers today at (888) 200-9824 for immediate help.
Read more about how we can help you avoid bankruptcy, secure a loan modification, or stop the sheriff's sale. We also offer lots of information about preforeclosure, the fears and benefits people experience, and tons of Ohio foreclosure FAQs, Florida Foreclosure FAQs, and even an Ohio foreclosure timeline.
* There are no guarantees with any timeline with or without counsel. Each county operates differently, so these time frames can vary. However, in any event, failing to answer a foreclosure lawsuit will result in a default judgment as compared to answering.