If you’re facing the loss of your home, you may be curious about how to stop a foreclosure in Ohio now. There are, fortunately, several ways to stop a foreclosure in Ohio. Some of the best options are listed below.
Fight the foreclosure in court. Of course, bankruptcy isn’t the best option for everyone. Some homeowners prefer to battle their mortgage lenders in court. As home loan lenders make more and more mistakes during the mortgage process, Ohio courts are increasingly ruling in favor of homeowners. And since Ohio has the sevenths-highest rate of home foreclosure filings in the country, local judges know the rules inside and out.
File for personal bankruptcy. If you’re facing foreclosure, and you have a significant amount of personal debt, you may want to simply file for bankruptcy. After you file for bankruptcy, the court issues an automatic stay, which temporarily stops all collection actions, including foreclosure complaints. In Chapter 7 bankruptcy, you may be able to discharge personal debts, freeing up funds to catch up on your mortgage payments. In Chapter 13 bankruptcy, you may be able to defeat the foreclosure altogether.
Ask to modify your home loan. If you attack your foreclosure complaint, or you haven’t fallen too far behind on your mortgage payments, your lender may realize that it would cheaper to simply modify your loan. Alternatively, you may qualify for the Home Affordable Modification Program, a government project that has already helped thousands of people keep their homes. For more information on this option, contact an Ohio foreclosure defense attorney.
Consider creative alternatives. In addition to bankruptcy or a robust foreclosure defense, homeowners looking to simply unload their property may turn to a short sale, in which they sell their home on behalf of their lender, or a deed in lieu of foreclosure, which involves simply handing the deed over to the bank. In addition, some homeowners choose to sell the deed at a discount rate to investors who assume the risk of the mortgage lien. As the foreclosure rate remains at a historically high level, a robust market has developed for underwater homes.