What is Pre-Foreclosure?

Pre-foreclosure is the period of time between missing your first payment and the foreclosure lawsuit being filed.

In Ohio, all foreclosures are accomplished through a formal lawsuit, and “foreclosure” generally refers to the entire lawsuit process. The final part of that process is the sheriff’s sale, but the entire thing is the “foreclosure.”  The pre-foreclosure phase is the one that occurs right before the lawsuit is filed.  It is the best time to contact a lawyer for help.

During the pre-foreclosure phase, your monthly statements will likely include information about loan modifications and loss mitigation options.  Once you are about 3 months behind, you can expect to receive a "notice of acceleration."  That document gives your mortgage company the right to file the lawsuit.  It allows you the opportunity to cure the default prior to the foreclosure lawsuit being filed. 

Our lawyers are experienced in helping people in preforeclosure.  Contact us today.

Sometimes people think that the sheriff’s sale is the most important part of the foreclosure, but that is just the procedural mechanism to sell the property. The sheriff’s sale is actually very late in the legal process, well after pre-foreclosure has passed.  Hiring counsel at the point of pre-foreclosure is best because it offers more opportunities to get deals done.  It also enables a firm like ours to explore whether filing new lawsuits will help your case.

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