Cincinnati Ohio Foreclosure Help, Defense, Laws and Process


Home Ownership is part of the American dream and in Cincinnati, Ohio this has been made possible through Mortgage help. But recently there has been a rise of foreclosure cases in this state due to unemployment. The number of layoffs in this state has risen drastically making it impossible for the majority of this population to meet their financial obligations. This article will help you deal with the situation especially if you are at risk of foreclosure or if your undergoing it.

With the aid of government help in Cincinnati, Ohio, this process has been made amicable. You need to be aware of your mortgage rights. Government assistance is made available to you to help you during this process. You need to urgently contact a HUD-approved Housing Counselor in your area. The counselors are mandated to provide you with vital information on ways to prevent foreclosure, on the legal routes to take if you need to reinstate your loan, and on the avenues to take in order to make the process of foreclosure easier.

You need to keep in mind that the sooner you act the higher the chances you have on saving your home. Many people think that ignoring the problem will make it go away, but this is not likely. As soon as you receive your first notice by your lender, you should contact him and try to re-negotiate on the contract terms. At this state, loan modification is possible.

Stop Foreclosure Cincinnati, Ohio

There are many reasons that can cause foreclosure on properties. These reasons may be job loss, death, medical reasons, divorce, an increase to the mortgage interest rate etc. The following are guidelines’ to help you stop foreclosure in Cincinnati, Ohio:

  • Avoid procrastination. The longer you hold out or try to ignore it, the more expensive it gets for you especially if you have the loan reinstated.
  • Contact your lender as soon as you realize that you cannot meet the payment requirements of the contract. He may consider loan modification and help you re-negotiate the payment terms.
  • Acknowledge the notices sent to you by your lender. This may prove vital in helping you save your home.
  • Be aware of your mortgage rights according to the state law. This information can be provided to you by your government housing agency. Do not let anyone take advantage of you.
  • Contact your HUD-approved Housing Counselor.v
  • If you have valuable fixed assets try and liquidate them as soon as possible. These assets can help you pay your loan or reinstate your loan.
  • If possible, file for bankruptcy. This will help you buy time to gather resources to pay your loan.

Cincinnati, Ohio Foreclosure Process

In Cincinnati, Ohio, all foreclosures are handled through the courts. According to the law, non-judicial foreclosures are not processed in this state. The timeline in Ohio for foreclosures is 7 months. In judicial foreclosures the following process takes place:

  1. The court decrees the default and awards the borrower a short period to pay the default.
  2. If the borrower fails to pay the default within that set timeframe then the clerk advertises the sale of the property.
  3. An appraisal is then carried out by 3 disinterested parties in the county. The appraised value is then filed with the court clerk and the property is priced not less than two thirds of its appraised value.
  4. The notice of sale is published once a week for 3 consecutive weeks in the local newspaper.
  5. The sheriff conducts the auction at the courthouse and is sold to the highest bidder.

Credit repair is highly advised after you have gone through the foreclosure process.