If you are facing foreclosure, it might be time to speak with a Dayton foreclosure attorney to help you save your home and get a fresh start.
Though foreclosure rates across the United States have dipped in the years since the global credit crisis, there are still huge numbers of American families facing the prospect of losing their home due to financial issues every year.
If you’re in this position, it’s important that you understand the rules around foreclosure in Dayton and the ways in which you may be able to fight to keep your home.
How a Dayton Foreclosure Lawyer Can Help You
Receiving notice that you’re going to lose your home is likely one of the most distressing things you’ll ever experience. However, it’s crucial to remember that there are ways to fight back. In all cases, the best first step is to get in touch with a Dayton foreclosure lawyer as quickly as possible.
Personalized Legal Strategy
We begin by assessing your situation to see what kind of strategy is most likely to work for you. Our decision here will be based on several factors, including how great your mortgage arrears are, the length of time you’ve spent in default, and the liquid assets at your disposal.
Negotiating with Lenders
When you think about foreclosure lawyers, you might picture a courtroom, judge, and jury. In reality, though, a lot of our most important work takes place behind closed doors, attempting to agree on solutions to problems with lenders directly. Foreclosure is a difficult process for lenders as well as borrowers, so banks will typically do what they can to reach an arrangement with homeowners in default rather than simply repossessing properties at the first opportunity.
Our attorneys often explore options like reduced payments, interest rate adjustments, and forbearance agreements on behalf of our clients.
How Does Bankruptcy Relate to Foreclosure?
In certain situations, filing for bankruptcy can be a strategic move to prevent foreclosure.
Of the two types of bankruptcy (Chapter 7 bankruptcy and Chapter 13 bankruptcy), Chapter 13 is the one that’s usually relevant to homeowners struggling with mortgage repayments. If you secure Chapter 13 bankruptcy, you’ll get three to five years to repay some or all of your outstanding debts, and your creditors won’t be able to contact you in pursuit of payment during this period.
It’s important to be aware, though, that filing for bankruptcy is a major step that has significant, long-lasting ramifications. To develop a proper understanding of whether this might be the right option for you, you should book a free consultation with one of our Dayton foreclosure lawyers.
Foreclosure in Ohio
Every state has its own rules around foreclosure, and there are certain quirks of Ohio’s system of foreclosure laws that you should be aware of. These include:
- Judicial foreclosure: Ohio uses a judicial foreclosure process, meaning lenders must go through the court system to foreclose a home. This process starts with the lender filing a lawsuit against you after you default on your mortgage. Ohio is in a minority of states that do not allow non-judicial foreclosure; in other parts of the country, banks are entitled to repossess and sell homes without getting court approval.
- Post-sale right of redemption: Ohio law provides for a right of redemption for homeowners, including for a short period following the sale of the property. This means that you get the right to reclaim your property by paying the full sale price, plus certain additional costs, until the point at which the court officially confirms the sale of the home. You can apply to the court to delay the confirmation in some instances. In some other states, borrowers lose the right of redemption as soon as a sale is agreed.
- Deficiency judgments: If your lender forecloses on your home but cannot secure the full amount you owe them from the sale, they may have the right to seek what’s called a deficiency judgment against you. If granted, this essentially means you’ll have to pay the bank the outstanding amount.
Frequently Asked Questions (FAQs)
What are my rights as a homeowner facing foreclosure in Dayton, OH?
As a homeowner, you have rights that protect you from unfair lending, debt collection, and foreclosure practices. Our Dayton foreclosure attorneys can explain these rights in detail and ensure that you’re protected.
Will filing for bankruptcy stop the foreclosure process?
Yes, filing for bankruptcy can temporarily halt the foreclosure process, providing you with time to reorganize your finances and negotiate with your lender.
Can I keep my home after filing for bankruptcy?
This depends on your specific situation and the type of bankruptcy filed. We can assess your case and provide guidance on what to expect.
What are forbearance agreements?
A forbearance agreement is a temporary arrangement between you and your bank whereby the lender agrees to reduce or suspend monthly payments for a set period. After the forbearance period ends, you must generally resume payments and work out a plan to repay the missed amounts. Your Dayton foreclosure attorney will be able to raise the possibility of forbearance with your bank and work out the details if the lender is amenable to the idea.
Contact the Dayton Foreclosure Attorneys at Fesenmyer Cousino Weinzimmer Today
If you’re facing foreclosure, it’s crucial to act quickly to explore your options and protect your home. Though financial struggles are incredibly stressful, it’s crucial that you do what’s necessary to protect your family’s interests.
Contact Fesenmyer Cousino Weinzimmer today to schedule a free initial consultation. You can reach us over the phone at 937-222-7472, or write to us via our online contact form.