How to Avoid Home Foreclosure in Ohio
While the start of the process may seem frightening, a home foreclosure lawsuit in Ohio doesn’t always mean you have to lose your home. Banks often make a litany of mistakes both before and during the foreclosure process that can sink their case.
In addition, homeowners have several other options to avoid home foreclosure in Ohio. These include:
- Taking the fight to your bank. Shockingly, the vast majority of Ohio homeowners choose not to fight their foreclosure case. But by enlisting the aid of an Ohio foreclosure attorney, and responding promptly to the initial complaint, you will be able to fully exercise your legal rights.
- Attacking your mortgage lender’s loan assignments. During the last few years, mortgage lenders often packaged your home loan with thousands of other loans and sold them to mysterious entities that then placed all these accounts into a single securitized investment. This, predictably, created a mess. If your loan was securitized, it’s possible that no one actually possesses your original documents.
- Challenging unlawful servicer actions. Banks often hire mortgage servicers to handle the logistics of your home loan. These servicers handle thousands of accounts and often make glaring mistakes. If you’ve been over-billed, harassed, or are confused about how much you owe, you may have a claim against a rogue mortgage servicer.
- Modifying your loan. Perhaps the most fruitful way to avoid home foreclosure in Ohio is to negotiate with your lender to create a new home loan with a lower interest rate. Banks aren’t always willing to modify home loans, but you and your attorney should try to renegotiate if you’re looking to keep your home.
- Selling your home in a short sale. If you’re simply looking to leave your home and avoid home foreclosure altogether, a potentially promising tactic might be a short sale. In a short sale, the homeowner sells the home and gives the proceeds to the bank. This saves all parties the hassle of a foreclosure case.
- Signing a deed in lieu of foreclosure. This strategy is somewhat similar to a short sale, because it helps you and your bank avoid the long Ohio foreclosure process. With a deed in lieu of foreclosure, you simply sign your deed over to the bank, and the bank then deals with the property as it sees fit.
These are just a few of the many options available to avoid home foreclosure in Ohio. Remember, a foreclosure action is not a death sentence for your home. If you’re looking to avoid foreclosure, contact an Ohio foreclosure attorney for more information on your rights as a homeowner.
How to Find an Excellent Foreclosure Attorney in Ohio
Most Ohio homeowners know having an excellent foreclosure attorney may be the key to keeping their home. But it can be very intimidating to wander through the thicket of local attorneys to discover one that is right for you.
To help you in your quest for legal counsel during your difficult time, listed below are some questions to ask potential attorneys when you’re wondering how to find an excellent foreclosure attorney in Ohio:
- How much experience do you have? While younger attorneys certainly have plenty to bring to the table, the best attorneys typically have a significant amount of experience. You want someone who, for example, knows how to attack an affidavit of amounts due and owing, or when to seek a motion to dismiss. Make sure your attorney has been down this road before.
- Are you willing to negotiate with my bank? For many Ohio homeowners, the ideal solution to a foreclosure case is to renegotiate the terms of their home loan with the bank. If an attorney insists on fighting the bank, and refuses to sit down at the negotiating table, he or she is likely doing you a disservice.
- How much will foreclosure defense cost? The best foreclosure attorneys may charge a bit more than a run-of-the-mill lawyer. But if this discrepancy in cost means the difference between losing your home and saving it, it would certainly be worth it. Don’t hesitate to shop around. Cost isn’t the most important factor, but if an attorney is charging an exorbitant rate, you might want to continue searching.
- Are you licensed to practice law in Ohio? This may sound alarming, but some national foreclosure defense mills hire temporary attorneys to handle court cases for their clients. Make sure the primary attorney handling your case is currently licensed to practice in Ohio.
- Will you keep an open line of communication? The best attorneys, while busy, always make time to communicate with their clients. If you have a hard time getting in touch with your foreclosure lawyer, it might not be the best fit.
The foreclosure process can be very frightening, but with the help of an attorney, you may be able to give the bank a run for its money. By asking the questions above, you’ll help ensure that you find an excellent foreclosure attorney in Ohio.