In recent years, thanks to plummeting home values, the foreclosure rate in Ohio has jumped to a historically high level. In the last month alone, thousands of Ohio homeowners received notice that their houses were on the chopping block.
In the wake of this foreclosure deluge, state and federal officials have scrambled to craft a large body of laws that aims to protect homeowners from aggressive lenders. Listed below are 3 ways foreclosure defense attorneys can help you take advantage of these new laws:
Track the evolving web of state and federal foreclosure laws. Foreclosure rules have changed so rapidly in the past few years, even mortgage lenders have had a hard time keeping up. On the federal level, modifications to the Truth in Lending Act have extended more rights to homeowners looking to keep track of who owns their mortgage. It’s enough to make even an expert’s head spin, but experienced foreclosure attorneys can help you sort everything out.
Identify issues with the bank’s complaint. As mentioned above, frequent changes to foreclosure laws have left mortgage lenders scrambling to keep up. In their mad dash to follow the new rules, banks often make several mistakes. An Ohio foreclosure defense attorney can help you track the actions of your mortgage lender, and identify holes in their foreclosure complaint. If your attorney finds enough issues with the complaint, you might be able to win your foreclosure case outright, allowing you to keep your home.
Help you consider foreclosure alternatives. The best foreclosure defense attorneys keep an eye on the big picture. It’s easy to get lost in the thicket of a legal fight, but most homeowners simply want to keep this property. To this end, if the bank offers to negotiate a modification of your home loan, your best bet may be to meet them at the bargaining table. An Ohio foreclosure defense attorney can help you negotiate with the bank’s loan officers on a more even level.
These are just a few of the myriad ways in which a foreclosure defense attorney can help Ohio residents keep their homes out of the hands of aggressive lenders. If you receive a foreclosure summons, remember that the fight has just begun.