In theory, foreclosure sounds like a complete mismatch between a homeowner and an aggressive bank. But in reality, many homeowners are successfully defending their homes against their mortgage lenders.
In order to learn more about foreclosure law in practice, and what it means for you, listed below are a few of the most important foreclosure laws for residents of Ohio.
Truth in Lending Act. This federal law, commonly known as TILA, requires mortgage lenders to fully disclose the terms and conditions of home loans. In the past, lenders often clouded the actual interest rate homeowners were paying, which led to the creation of a law that monitored unscrupulous banks. If your mortgage lender violates TILA, it might provide a defense for your foreclosure case.
Real Estate Settlement and Procedures Act. Another federal law, RESPA, provides further protection for homeowners by requiring mortgage servicers to allow consumers full access to the actual costs of a mortgage settlement. Enforced by the Consumer Protection Financial Bureau, RESPA is another powerful tool to protect Ohio residents against the actions of aggressive lenders.
These three bodies of law provide a tremendous amount of protection for homeowners, but residents of Ohio will need to use other laws to their advantage if they want to fight their foreclosure case successfully.
But foreclosure cases aren’t as simple as reading a few laws. In Ohio, for example, foreclosures take place through the judicial process, which means these cases are subject to all the rules inherent to the Ohio court process.
So, in practice, Ohio foreclosure law is supplemented by a vast body of other procedural rules. What does this mean for you? It means that you should give a call to an Ohio foreclosure attorney who is familiar with the rules and customs of local courts.