4 Tips to Avoid Foreclosure in Ohio when facing Financial Hardships
Avoiding a foreclosure lawsuit in Ohio, as a homeowner or property owner, can be difficult when you are experiencing financial hardships. Whether your financial hardship is losing a job, medical debt or both, there are ways for you to avoid losing your home to foreclosure in Ohio when you are struggling financially.
1. Contact your Lender Before Missing a Mortgage Payment
Contacting your mortgage servicer before you miss a mortgage payment is crucial to avoiding a foreclosure lawsuit in Ohio! Many mortgage servicers want you to keep your home and can offer insight to government assisted programs to help homeowners keep their homes and avoid foreclosure in Ohio.
2. Apply for a Loan Modification
The earlier you apply for a loan modification in Ohio the better. A loan modification helps lower your monthly mortgage payment when you are experiencing financial difficulties. When you apply for a loan modification a lender modifies the existing mortgage.
A loan modification application may take time to get approved. If you are worried about your loan modification application taking too long, contact a loan modification lawyer you help you submit the application. The foreclosure defense attorneys at Kohl & Cook Law Firm have experience helping homeowners in Ohio apply and get approved sooner to avoid foreclosure.
3. Refinancing your Mortgage
Refinancing a mortgage loan is another way to reduce your monthly mortgage payment. Rather than modifying an existing loan as in a loan modification, the mortgage servicer gives the homeowner a new lower-interest loan to replace the remaining debt on their current mortgage.
4. Sell Your Assets
Selling your assets to make extra money is a great way to pay your mortgage on time if your financial hardship is not long lasting. A part time job can also help you get extra money to pay your mortgage payment.
Applying for loan modifications, foreclosure assistance programs and refinancing loans may sound promising for homeowners wanting to avoid foreclosure. Unfortunately there are situations of lenders, mortgage servicers and banks not cooperating properly and forcing the homeowner into foreclosure. The attorneys at Kohl & Cook Law Firm help homeowners in Ohio avoid foreclosure when lenders, banks and mortgage servicers are not cooperating. For more information about legal representation please reach out by calling 614-763-5111 or click here to schedule a free consultation!