If you’re facing the prospect of losing your home due to missed mortgage payments, a Cincinnati foreclosure lawyer may be able to help you find a solution to your problem.
Every year, hundreds of thousands of Americans must leave their family homes after failing to keep up with repayments. With the cost of living on the rise in the United States all the time, this risk is sadly ever-present for many people.
However, there’s always hope. Just because you’ve encountered some tough financial times, that shouldn’t mean you and your family need to lose your place of residence. With the help of a top-class Cincinnati foreclosure attorney, you may be able to get your finances back on track and keep your property.
Our Expertise in Foreclosure Defense
At Fesenmyer Cousino Weinzimmer, we specialize in bankruptcy and have helped thousands of families save their homes from foreclosure.
Negotiating With Lenders
A lot of the most important work Cincinnati foreclosure attorneys do happens behind closed doors, rather than in public courtrooms. When we start working with distressed homeowners, one of our first steps is to approach their lenders in an attempt to negotiate some means of debt settlement other than foreclosure.
There are several such alternatives we may be able to secure on your behalf. These include:
- Loan modification: This involves altering the original terms (such as the interest rate, duration, or principal balance) of your mortgage to make repayment more manageable.
- Forbearance: This is an agreement between you and your bank to temporarily reduce or suspend mortgage payments for a certain period. This arrangement could work well if you’re experiencing temporary financial hardship that’s likely to end by a foreseeable point in the future.
- Refinancing: Refinancing involves replacing your existing mortgage with a new loan, typically to benefit from better loan terms (such as a lower interest rate or a different loan duration). Refinancing may also allow you to roll several outstanding obligations into a single debt, making it easier to keep up with payments.
Filing for Chapter 13 bankruptcy offers struggling homeowners a path to avoid foreclosure. This is a big decision, and there are many complex factors you’ll have to consider when making it. So, it’s generally a good idea to hire an expert foreclosure and bankruptcy attorney to help you.
Frequently Asked Questions (FAQs)
Can foreclosure be stopped once it has started?
Yes, there are several ways to stop or delay foreclosure, including loan modification, reinstatement, repayment plans, or filing for bankruptcy. The best option will depend on your individual circumstances, including your earnings, the extent of your mortgage arrears, and your family situation. We can help you to determine the best strategy in your case, taking all these factors into account.
How does bankruptcy affect foreclosure?
Filing for bankruptcy can temporarily halt foreclosure proceedings. The long-term effects depend on the type of bankruptcy you file for, the state of your finances post-bankruptcy, and other factors.
What are my rights during a foreclosure process in Ohio?
During foreclosure, you have the right to receive a breach letter notifying you of the foreclosure process before it begins. You should also get the opportunity to officially respond to the notice, to apply for loss mitigation, to avail of special military protections from foreclosure, and to claim any money left over after your property has been sold and the debt on it has been paid. Your foreclosure defense attorney will be able to outline these rights, and how they apply to you, in more detail.
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure allows a homeowner to voluntarily transfer ownership of their property to the lender when they’re in arrears. This satisfies the outstanding mortgage debt, but is typically less damaging to the borrower in terms of their credit rating and public knowledge of their situation. Lenders may also benefit, as this arrangement is less taxing for them than foreclosure.
Get a Cincinnati Foreclosure Lawyer Who Will Fight for You
Our Cincinnati foreclosure attorneys know all about the legal complexities of home repossession, but we also know how emotionally taxing the foreclosure process can be for homeowners. If you’re facing the prospect of losing your home, it’s crucial that you act promptly to give yourself the best chance of success.
Contact us today to start the process. You can reach us over the phone at 877-654-5297 or write to us via our online contact form.