WHAT IS THE FORECLOSURE PROCESS?

 

 

In the simplest terms, the Foreclosure permits a bank to recuperate the sum owed on a defaulted advance by selling or taking hold of the property. As indicated by RealtyTrac’s U.S. Foreclosure Market Report, as of May 29, 2020, there were 330,105 properties in “some phase of forclosing (default, closeout or bank-claimed)” in the United States, so it’s not an exceptional occurrence at all.

 

In Ohio, Foreclosure is a legal process that requires the bank to file a lawsuit against you. The foreclosure lawsuit asks for two things. First, the foreclosure lawsuit requires you to pay back the money still outstanding against the mortgage loan. This amount will include junk fees and court costs. It will NOT include Foreclosure defense lawyers’ fees. (Call us immediately if your amount consists of any lawyer charges, as that is unlawful in Ohio.)

 

The second thing requested in the lawsuit is to sell your home. That part of the case is what makes a foreclosure lawsuit different than other kinds of lawsuits. Suing for money is just a run-of-the-mill breach of contract. Add in the house part, and you get a foreclosure lawsuit.

 

If a homeowner fails to answer the foreclosure lawsuit (or loses it), the bank gets the right to sell the property— since a judge orders judgment against the property owner. Post this; the bank asks the sheriff to appraise and sell the home. Eventually, a foreclosure auction is scheduled; the home is sold, which pays off the loan. As explained by the Ohio foreclosure defense attorney, If the amount of the auction does not cover the entire amount of the bank’s loan, then the bank has the right to take a deficiency judgment against you. That implies the bank can garnish wages or take money out of your bank accounts until it gets all its money back. (Ohio has a two-year statute of restrictions on first mortgage deficiency collections.)

 

 

If you (or a loved one) are facing Foreclosure, ensure to take legal advice in Ohio from experienced foreclosure defense lawyers who can make you understand the process and devise the next course of action.

 

Key Takeaways

 

  • Foreclosure happens when a bank looks to hold onto your property as insurance for your inability to pay back your home loan as per the stipulated timeline.

 

  • There are usually six stages in the foreclosure cycle, and the specific advances may vary from state by state.

 

  • Before foreclosing the property, proprietors are given 30 days to meet their home loan commitments.

 

  • Most of the banks wouldn’t really want to foreclose a property in the first place.

 

All through the foreclosure interaction, numerous banks and lending partners will endeavor to make plans, including loan modifications in Ohio, for the borrower to get made up for lost time with the advance and maintain a strategic distance from foreclosing. However, the glaring issue is that when a borrower misses out on one installment, it becomes progressively hard to make up for lost time with upcoming pay outs.

 

On the off chance that quite possibly you can get up to speed with installments—for example, you just began a new position following a time of joblessness—it merits talking with your Ohio business attorney and the moneylender to help avoid the process.

 

Another significant thing to note here is that when a foreclosed property is acquired, it is up to the new buyer to say how long the former owners may stay in their previous house.

 

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Mr. Doucet and his staff handled two foreclosures and a related matter for me. I found everyone in his office to be professional, effective and responsive. Everything he handled for me got me the results I expected. I highly recommend Doucet Co., LPA.
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