2019 Foreclosure Help & Foreclosure Protection in Ohio
Closing houses or properties of certain individuals who are not able to pay their mortgage are called Foreclosures. It takes an average of 8 months in Ohio to foreclose on a property, roughly six months longer than the national average, according to real estate data firm RealtyTrac Inc. This article would discuss issues on foreclosure protection in Ohio.
The relative slowness of foreclosure process in Ohio can cause some homes to sit vacant for extended periods and fall into disrepair, or become targets for vandals and arsonists. Foreclosed, empty homes also affect property values, municipal tax revenues and the services that rely on that tax revenue, such as police and fire protection.
In Ohio, foreclosure cases must go through the court system. A homeowner has 30 days to respond after the initial complaint is filed. A notice of sheriff’s sale must be published 30 days ahead, at least. Before the sale happens, the house must be appraised. After a property is sold at auction, the plaintiff’s attorney has 30 days to file a confirmation of the sale.
So how do we stop foreclosures? As they say, an ounce of prevention is better than a pound of cure. So before any foreclosure process can proceed, you should do your best to try and not let that happen in the first place. Always check your deadline for payments and pay your monthly dues. This way, you won’t miss any payments and unpaid dues will not be accumulated so it will not be difficult for you to settle the amount. Large amounts are obviously more difficult to settle than small ones.
We make some tips as guide to foreclosure protection in Ohio.
- Make sure you don’t ignore the issue on foreclosures. The farther you postpone your action, the harder it will be to catch up, and the more likely you are to lose your house to the bank.
- Know and fight for your rights. This may help you to answer the questions of the court and seek remedies at the same time.
- Get help from credit, real estate or legal counseling.
- Use your assets. You may want to use your other assets to settle your obligation so you won’t lose your house.
Aside from the above tips, there are some ways an individual can do as foreclosure protection in Ohio.
- Filing for bankruptcy may be one way to avoid foreclosure;
- Loan restructuring is the most common form of help you may get when a foreclosure process is looming;
- Another option is filing a lawsuit against your lender if they file for foreclosure on your home. This option is tricky as it can only be used if the lender filed non-judicially for foreclosure;
- Lastly, the government also may offer temporary reprieve to special groups like unemployed people, the army or the police forces. There are organizations that grant assistance to those facing foreclosure. These may be non-governmental or civil service groups.
Always remember, foreclosure proceedings take time. That is why you should start by thinking of ways on how to earn funds or how to stop the foreclosure.
Foreclosure is one challenge every borrower-homeowner may have to overcome, however, we should always bear in mind – we can prevent foreclosure and we can prevent losing our home. And if you are a distressed property owner wanting to sell your house, CPD Homes would be happy to assist you and talk about your foreclosure protection in Ohio issues. Call us now @ 216-282-4332 or email us at email@example.com. We are more than happy to help you!