Stop Foreclosure in Ohio

Foreclosure in Ohio is a common occurrence now but if you are close to losing your home, there are plenty of things you can do to stop it.

To stop foreclosure in Ohio you must communicate with your lender. Lenders do not want to take your home from you; despite what many people actually think. That’s right, they stand to lose even more money if they have to take possession of your home because they will gain less interest payments in the long run, and they then have to deal with a house that may have more money owing on it than its actually worth. For this reason you will see lenders selling homes at foreclosure considerably cheaper than normal market value.

Understanding foreclosure means researching as much as you can about it. This gives you a greater chance to stop it from happening to you with your home in Ohio. One good thing about Ohio in particular is that it generally takes longer for a foreclosure to finalize compared with other states (on average).

Another point to note about the foreclosure process in Ohio is that you have a right to respond to a Notice of Default. You can challenge this in court within 28 days of receiving it from your lender. When you don’t challenge a Notice of Default you are issued with a Default Judgement. After this is issued the process of foreclosure begins.

However if you do mount a challenge to the Notice of Default the foreclosure process is delayed. Foreclosures which are not contested take from 150 to 180 days to finalize. But a contested foreclosure can continue on for considerably longer - in fact one person held his home for over 10 years just by filing multiple lawsuits and appeals. Ohio has an advantage thanks to this law and it has saved many people from losing their home due to the extra time they have had to stop foreclosure in Ohio.

Sheriffs handle the auction of foreclosure properties in Ohio but the lender has to have 3 independent property appraisals before the foreclosure is publicized for sale.

To learn how to modify your loan and save your house from foreclosure in Ohio, check out the Loan Modification Guidebook. This great resource gives you all the forms and information you need to deal with your lender and fix your mortgage before it’s too late.