Three Steps for Confronting Mortgage Foreclosure in Ohio

If you’ve recently received a foreclosure summons in the mail, your first instinct may have been to simply give up. Mortgage lenders, after all, are often large financial institutions with a considerable amount of clout, and they can often afford high-priced attorneys to fight their claims. But this is the wrong attitude.

In fact, thanks to myriad mistakes made by mortgage lenders in the last few years, more and more foreclosure actions are failing to gain traction in Ohio courts. If you’ve received notice of a foreclosure, here are three steps for confronting mortgage foreclosure in Ohio.

  1. File an answer to the complaint. Before foreclosing on your home, mortgage lenders in Ohio must first file a formal complaint in a state court. Before this complaint, however, mortgage lenders are required by law to give you notice. After you receive this notice, you typically have 28 days to file a response. This response may take the form of an answer, a list of affirmative defenses, or even a motion to dismiss. A local foreclosure attorney can help you make this choice. But the most important thing is to challenge the complaint within the initial 28-day window. Otherwise, you may forfeit important legal rights.
  2. Gather all relevant mortgage documents. If you choose to fight the foreclosure action, your foreclosure attorney will want to read through your mortgage documents to search for mistakes or, in some cases, fraud. The most important documents are your mortgage and promissory note, but other documents that could be relevant include any email or letter correspondence with your lender, as well as other paperwork signed when you purchased your home.
  3. Remain calm and exercise patience. While the foreclosure notice often takes homeowners by surprise, few people know that the process can last for several years. In Ohio, a judicial foreclosure state, mortgage lenders must gain court approval before selling your home. If you confront the mortgage foreclosure with the aid of an Ohio foreclosure attorney, you may be able to stay in your home for several years, allowing you to save money for a new home even if you eventually lose the case.

If you’re looking to confront a mortgage foreclosure in Ohio, you’ve already adopted the right attitude. Most homeowners should take aggressive actions to protect their homes by taking the fight to the banks. For more information on confronting your mortgage lender, contact an Ohio foreclosure lawyer.

Three Things to Consider When Facing the Foreclosure Process in Ohio

The foreclosure process can be daunting for homeowners, particularly those who’ve never been through the nightmare before. You should remember, though, that you have plenty of options, and that mortgage lenders must jump through several hoops before they’re allowed to sell your home.

In Ohio, for example, mortgage lenders must navigate the tricky court system before they can foreclosure on your property. This can often take several years, especially if you choose to fight the action. But before this takes place, there are three things to consider when facing the foreclosure process in Ohio:

  • Do you want to keep your home? In some cases, homeowners prefer to simply give up the property through a short sale or a deed in lieu of foreclosure. This often makes sense for investment properties or homes that will likely never be affordable. More often, however, people facing the foreclosure process in Ohio would prefer to keep their home. If this is true, you should ask yourself the next two questions.
  • Are you willing to modify your loan? If you want to keep your home, the first step is to begin fighting the foreclosure. Ohio courts provide many procedural protections for homeowners, some of whom are even able to win their cases outright. More often, however, the mortgage lender may offer to modify the loan to a more reasonable monthly payment scheme. Before starting this negotiation, you must first determine whether you want to try to modify your home loan, and how much you’re willing to pay.
  • Should you fight the foreclosure on your own? The final thing to consider when facing the foreclosure process in Ohio is whether you should enlist the aid of an Ohio foreclosure attorney. Many homeowners choose to turn to a foreclose attorney to help them navigate the complex judicial process mandated by state law. This process can help homeowners, but only if they take aggressive steps to protect their legal rights.

Of course, these questions don’t cover everything you should consider when facing the foreclosure process in Ohio. And your own unique circumstances will determine whether it makes sense for you to try to keep your home or simply walk away from the property altogether. For more information, contact an Ohio foreclosure attorney today.

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