Cleveland Ohio Foreclosure Help, Defense, Laws and Process

 


Loan modification can come in handy when you’re facing foreclosure. Mortgage help offers an alternative of buying property. Most people in Ohio are facing foreclosure because they have not considered consulting their financial institution on the prospects of a loan modification. This can easily save you the embarrassment of having to lose your hard earned assets. Seeking government assistance in good time can always save you a great deal of embarrassment and misery.

Stop foreclosure in Cleveland, Ohio

In Ohio, all foreclosures are handled through the court. It takes seven months to handle a typical Ohio foreclosure process. The proper documents are filed in a court of law for the foreclosure process to begin. The defaulter is notified through post and if he cannot be located, the notice is published in the local daily. . The law allows the borrower to settle the debt and any other extra costs incurred at least before the confirmation of the sale.

The borrower is given 28 days to act in response to the notice. If not, the court can find you in default. After the court’s decision, the order of sale is given to the sheriff. You should seek help from an advice agency or engage the services of an attorney when facing such a situation.

Before the sale, the sheriff is supposed to get three appraisals. He then publishes an advertisement in the local daily for at least three weeks Twenty days before the sale takes place, the notice of sale of the property must be advertised on a public location. The borrower is then notified via post twenty days before the actual sale. It is advisable to have an attorney present when the legal process begins.

A sale is done through a public sale whereby the asset is sold to the highest bidder. The highest bidder is required to pay in cash or its equivalent. After a successful sale, the winning bidder is given ownership of the property. However, you can file for bankruptcy to halt foreclosure.

A public sale is done at the local courthouse whereby the selling price of the property should be at least two thirds of the appraised value. The highest bidder buys the property.

After confirmation of the sale, the sheriff gives a deed to the highest bidder as a way of transferring ownership to the bidder. Right of redemption is given to the defaulter at any time before the confirmation of the sale.

Cleveland, Ohio foreclosure process

In Ohio, the judicial process is the only foreclosure process used. It only comes into effect when there is a lack of the sale clause in the loan document or when the lender seeks a court order for a deficiency judgment. Avoidance of foreclosure is possible if you seek the bank’s assistance to repair credit. Here is how the process works:

  • The lender sues the defaulter to obtain a court order of foreclosure and a sale order.
  • The defaulter is given twenty days to respond to the notice in court. If no response is received from the defaulter, a default judgment is passed.
  • Before the planned foreclosure date, three unbiased freeholders in the county where the property is located to appraise the property.
  • Appraisal value of the property is then filed at the county clerk. The minimum offer sale should not be less than two thirds of the appraised value.
  • Before the sale, notice of the public sale must be published in the local daily for 3 weeks.
  • The county sheriff conducts the sale where the property is sold to the highest bidder.

Whatever the case, government help is available from reliable government agencies.