Have you received a foreclosure complaint? Here is what you need to know.
Receiving a foreclosure complaint stresses families and individuals. At The Law Offices of Warner Mendenhall, we take a client-centered approach to foreclosure cases. We develop strategies to take the stress off our clients. If you or someone you know has recently received a foreclosure complaint, please call us for a free consultation.
Ohio’ s foreclosure process is a “judicial foreclosure.” This means foreclosures must be filed in state courts. Other states may follow “non-judicial foreclosure,” these types of foreclosure are often quicker and may favor the bank or lender. For more information on the differences, please read this.
What to do
After you receive a foreclosure complaint, seek legal counsel. Not answering the complaint could cause a default judgment to be entered against you speeding up the process. After filing an answer to the complaint, we work with you and lenders to modify your loan. This process usually takes months and allows you to stay in your home during the process.
If a client does not wish to keep the property being foreclosed, it may still be beneficial to explore a modification agreement with the lender.
If we modify a mortgage, it will be like a new mortgage-frequently with a lower interest rate.
It is important to remember that the foreclosure process can take months. If all else fails, you can file bankruptcy to save your house. This gives you time to catch up with your mortgage and help erase other debts. If a foreclosure judgment is entered against you, your property will be sold at a sheriff’s sale. After the sale, you still have a “period of redemption.” This period in Ohio can be as long as three months. During this period, you have the right to buy back your property for the price of the mortgage plus any additional bank fees.
For more information regarding foreclosures in Ohio, please go here. Please contact us for a free consultation regarding your foreclosure matter.