The burden of debt can be all encompassing and once your home is at a high risk of foreclosure it can feel as if you have no options. It’s hard enough to pay back thousands of dollars of debt, but to do so without a place to live can be nearly impossible. If you are behind on your mortgage payments and fear foreclosure, then it’s imperative you secure legal representation.
By working with an experienced Ohio consumer debt attorney, you can learn the best way to approach your upcoming foreclosure. From there, you and your attorney can determine the right steps to take, execute them, and hopefully avoid foreclosure altogether. To learn more about your options as a borrower and how to stop your foreclosure, get in contact with the experienced and aggressive attorney over at Steiden Law Offices
Ohio Foreclosure Lawyer in Cincinnati
Are you behind on your mortgage payments? Do you fear foreclosure from your bank or other institution? If so, it’s vital you contact a skilled foreclosure lawyer in Ohio to determine your legal options. Find out what your rights are and excellent legal counsel by calling Steiden Law Offices.
Attorney Eric Steiden and his team understand the extreme stress an upcoming foreclosure can bring on you and your family. We want to help you avoid that pressure by representing you and negotiating with your bank or other institution. We’ve assisted numerous clients escape foreclosure in the past and can utilize our experience to help you.
You can set up your first consultation by calling Steiden Law Offices at . Our offices in Ohio are located in Cincinnati, Maineville and West Chester. However, we also accept clients in other counties including Greene County, Preble County, Darke County, Highlands County, Miami County, Shelby County, Champaign County, Clark County, Brown County, Adams County, Clermont County, Warren County, Clinton County, Montgomery County, Hamilton County, Butler County, and Lawrence County.
Steiden Law Offices also represents people in the Northern Kentucky area in the following counties Robertson County, Mason County, Campbell County, Gallatin County, Grant County, Kenton County, Boone County, and Pendleton County,
- How Does Foreclosure Work in Ohio?
- How Can I Stop Foreclosure in Ohio?
- Stopping Foreclosure by Filing for Bankruptcy
- Additional Resources
How Does Foreclosure Work in Ohio?
Foreclosure is a legal process where your lender, which is usually a bank or credit union, repossesses your mortgaged property because the lender has been declared a delinquent on payments. For many borrowers the property is their personal home, which means they are left without a place to go after foreclosure. The property then goes through a forced sale and the lender will use the money from that auction to cover all or some of what’s owed.
Ohio is a judicial foreclosure state, which means lenders must go through the court system to legally foreclosure upon your home. Lenders will typically contact you in the form of a Default letter that you are 30 to 90 days behind on mortgage payments. In the letter, you will be given a specific time to compensate the lender to cure the delinquency. In some cases, you may be given only 30 days to make up all your missed payments.
Once you are 120 days delinquent on a mortgage, the lender can then lawfully begin the foreclosure process. The lender must file a complaint with the appropriate court and issue proof that they have a right to the property. The complaint will also contain the type of mortgage you have, the amount due, the amount you are delinquent, and why the lender has chosen to foreclose upon the property.
When the complaint is filed you will receive a notice of the foreclosure as well as a summons to court. It’s important you respond to this foreclosure complaint with the help of an experienced foreclosure lawyer. You can fight your foreclosure, but it’s important you appropriately respond to the complaint. Having a lawyer by your side to counsel you will save you not only hours of time, but also thousands of dollars and your home if you make a mistake.
You will only have 28 days to respond to the complaint. Failing to respond will mean the lender can seek a default against you and then foreclose upon your home without your input. They will then put your home up for auction, managed by either the Sheriff’s office or a private party. However, if you respond the case will move forward. You and your mortgage lawyer can work with the bank to resolve the case without a foreclosure upon your home.
How Can I Stop Foreclosure in Ohio?
The best way to protect yourself from foreclosure is to hire an experienced debt relief attorney. They can work with you to develop a foreclosure defense by reviewing your circumstances, examining your finances, how the lenders have treated you, and all your legal options. An attorney can work with you to find a way to come current on your mortgage if possible.
Unfortunately, not all borrowers are able to be up to date with payments. Life can take many unexpected turns and you may be having difficulty collecting enough funds to do that. Another option you can try to stop your foreclosure is to modify or refinance your mortgage. Your foreclosure attorney can negotiate with your lenders and obtain a mortgage with different terms that are much more reasonable. That way you can pay off your debt, but still be able to pay your bills and keep up your home.
If you want to escape from the weight of a mortgage, then maybe you may want your lawyer to recommend a short sale to the lender. A short sale is a quick sale of property to a buyer other than the lender. This way you can avoid having a foreclosure on your financial history.
Another option is to sign the deed of your home over to the bank. A lender may be amenable to this solution depending on a variety of factors such as if you have any other mortgages or liens on a property. However, the best option for most to avoid foreclosure is to file for bankruptcy.
Stopping Foreclosure by Filing for Bankruptcy
Properly filing for bankruptcy will stop a foreclosure proceeding since federal law states all collection proceedings against you must be paused after you file. Your lender will automatically be informed of your bankruptcy and must stop pursuing foreclosure action immediately. However, that doesn’t fully stop the foreclosure unless you fulfill your bankruptcy obligations.
If you’ve filed for Chapter 7 bankruptcy, then you’ll go through something known as liquidation. Most of your non-exempt assets will be sold to pay off your debts. The upside is that the rest of your debts will be wiped away and you will have a clean start. This type of bankruptcy will allow you to keep your home. Although this bankruptcy option is not for everyone.
You may instead choose to file for Chapter 13 bankruptcy since you have a source of steady income. During Chapter 13 bankruptcy you can refinance your mortgage with much more reasonable terms. All delinquent loan payments will be addressed in your payment plan and you can keep your home as long as you keep paying your Trustee on time.
FAQ About Foreclosure | Ohio Attorney General – Visit the official website for the Ohio Attorney General, Dave Yost, to get answers to your frequently asked questions regarding foreclosures in Ohio. Access the site to learn how to get a credit report, the Save the Dream program, what to do when you’re delinquent with your house payments and more.
Foreclosure Information in Hamilton County, OH – Visit the official website for the Hamilton County Law Library to learn more about foreclosure. Access the site to read resources by attorneys, select Ohio laws and rules regarding foreclosure, and resources for homeowners.
Bankruptcy Attorney for Foreclosure in Hamilton County, OH
If you have found yourself delinquent with mortgage payments, then get in contact with Steiden Law Offices. Eric Steiden and his team have decades of experience and a passion for helping clients. With his extensive resources, knowledge, and practice, you’re in the best hands with attorney Steiden. Don’t wait another moment to save your home and pursue financial freedom with Steiden Law Offices.
You can set up your first consultation by calling Steiden Law Offices at . Steiden Law Offices represents clients throughout the greater Southern Ohio and Northern Kentucky area including Forest Park, Norwood, Covington, Erlanger and Florence.