Dayton Foreclosure Defense Lawyer
Struggling to pay your mortgage can result in significant consequences, including the risk of foreclosure. Consumers throughout the Dayton, Ohio area struggle with debt on a daily basis, and it may be impossible to get caught up on mortgage payments before you begin receiving notices from your mortgage servicer or lender concerning foreclosure. It is critical for you to know that there are a wide range of options for preventing foreclosure, from methods that can allow you to get caught up on your mortgage payments and to remain in your home to those that will require you to move out of the property but can protect your credit from the damage connected with a foreclosure. Contact our Dayton foreclosure defense lawyers to find out more about foreclosure defense options that may be available to you.
What is Foreclosure Defense in Dayton, Ohio?
When you are at risk of foreclosure, it is critical to get in touch with a Dayton foreclosure defense attorney as soon as possible. The quicker you begin acting on your case, the more foreclosure defense options that could be available to you. What is foreclosure defense? This is a broad term that refers to the varied methods of preventing a foreclosure from happening. These methods can range widely. Some options give the homeowner a way to catch up on mortgage debt and to get back on track with mortgage payments, allowing them to remain in their homes. Other options for foreclosure defense may require giving up the home, but homeowners are still significantly better off than if the home ultimately is foreclosed upon and sold in a foreclosure auction.
You should know that Ohio is a judicial foreclosure state, which means that a foreclosure will need to go through the court system, and the mortgage servicer will need to file a foreclosure action. Ohio law does not permit foreclosure actions to be filed until a homeowner is more than 120 days past due on their mortgage.
Common Options for Foreclosure Defense in Dayton, Ohio
What options might you have to defend against foreclosure in the Dayton area? There are many foreclosure defense options that can apply to Ohio homeowners, including but not limited to the following:
- Mortgage modification, which allows you to work out a modification with the lender or servicer to remain in the home;
- Chapter 13 bankruptcy, which will stop foreclosure proceedings with the automatic stay and allow you to get caught up on mortgage payments through the repayment plan over a period of three to five years;
- Short sale, through which a homeowner sells the house for less than the amount owed on the mortgage with agreement from the lender, and usually secures forgiveness for the remaining debt; or
- Deed in lieu of foreclosure, which involves signing over the property to the lender in exchange for the lender agreeing to stop the foreclosure process, and in the best circumstances, for remaining debt to be forgiven.
Contact Kohl & Cook Law Firm
Facing foreclosure can be devastating, but it is important to know that you do have options as a consumer and homeowner that may allow you to avoid foreclosure. Even if you ultimately cannot keep your home, you may be able to prevent the damage to your credit associated with a foreclosure so that you can be eligible for a mortgage sooner. Contact our experienced Dayton foreclosure defense lawyers to learn more about your options today.