If a person is behind on paying his or her mortgage, the lender may pursue a process called foreclosure. There is helpful information available about foreclosure in Ohio and how an attorney may be able to help.
Pre-foreclosure is the time period between when a homeowner misses the first mortgage payment to when the lender files a foreclosure in court. In Ohio, lenders usually wait 90-120 days before filing.
It may be helpful for the homeowner to call his or her lender to ask if options are available to temporarily lower or suspend payments, whether the lender will waive late payments or if other programs are available.
Foreclosure is the time period from when the lender files a foreclosure complaint in court through when the home is sold at a sheriff’s sale. The homeowner must file an answer to the lender’s foreclosure complaint within 28 days of receiving it.
If the court does not receive the answer, it may assume that the homeowner does not object to the foreclosure proceeding. After the homeowner files an answer, the lender will file a summary judgement. The summary judgement asks the court to make a decision about the foreclosure.
If the court decides that the foreclosure should go ahead, the home will be put up for a sheriff’s sale. The home will be sold at auction and the home’s buyer will take ownership of the property.
The foreclosure process can take up to two years, but may proceed much faster depending on the circumstances of the situation. If a person is faced with foreclosure, an experienced attorney can represent him or her in the proceedings and provide advice.