When a mortgage becomes delinquent in Ohio, the loan servicer hires a law firm to foreclose. The homeowner has the right to occupy the property until the foreclosure process completes.
In Cuyahoga County, the foreclosure process takes at least six months, and usually longer. If a bank has recently filed a foreclosure case against you, don’t panic. You have time to learn your options and make a plan.
Some homeowners believe they can ignore the court case because they are talking with the bank about a forbearance or loan modification. This is a mistake: the homeowner needs to participate in the foreclosure process. Otherwise the judge will probably not know the homeowner is trying to save the home.
Participating means, at a minimum, filing an answer and attending any hearings. Filing a good answer is difficult, and I recommend you get legal help in doing so. Your decision to participate in the process may slow it down, giving you more time to understand your options and make a plan. There are many possible outcomes if the homeowner participates: loan modification, forbearance, deed-in-lieu of foreclosure, deficiency waivers, and more time.
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