How Ohio’s “Right To Cure” Laws Can Help Homeowners Avoid Foreclosure

Nothing is more stressful for homeowners than the threat of foreclosure. Late mortgage payments can quickly turn into legal notices, and you could face the threat of losing your home. However, what many Ohio homeowners aren’t aware of is the legal protection they enjoy before foreclosure even begins. One of the most significant of these is the “right to cure.”

Understanding this right and how it should be used can stop foreclosure before it begins. 

What is the “right to cure”? 

In Ohio, there are some procedures that have to be followed by the lender before the foreclosure process can begin. Although Ohio laws do not explicitly state the “right to cure,” the idea is embedded in the foreclosure process. Prior to filing a lawsuit for foreclosure, the lender is expected to notify the homeowner in writing, informing them that the loan is in default.

The notice will include information such as:

• Amount due
• Deadline for curing the loan
• What would happen if the loan is not cured

Before the lender proceeds with the foreclosure, they have to follow the proper procedures. 

How homeowners can use the right to cure 

If a homeowner is served with a notice of default, time is of the essence. During this time, the homeowner can:

• Pay the outstanding balance
• Negotiate a payment plan
• Bargain a modification of the loan
• Seek options such as forbearance

In most instances, communicating with the lender during this time can actually delay the foreclosure process. However, failing to act on a notice of default can cause the lender to immediately proceed with the foreclosure process. 

Common lender mistakes in foreclosure cases 

Not all foreclosure cases are handled correctly. Lenders can:

• Fail to send proper notice
• Fail to send notice with the correct amounts due
• Proceed with foreclosure when loss mitigation applications are pending

These mistakes can be substantial. When a lender doesn’t comply with Ohio foreclosure procedures, a case can be delayed or dismissed. 

When legal help matters most 

While some people try to deal with these notices alone, it tends not to be advisable. This is due to the fact that the law is complex, and you’re under the gun as far as time goes. A Columbus foreclosure defense lawyer can:

• Examine notices for legal sufficiency
• Spot procedural flaws
• Negotiate with your lender
• Look at possible defenses and alternatives

In some instances, legal action at an early stage can mean the difference between saving and losing your house. 

Take action before it’s too late 

If you’ve been notified of default or if you suspect the possibility that foreclosure is on the horizon, it’s important to know your rights. Ohio law provides several opportunities for you to cure the default, but it’s only effective when done properly and in time.

Seeking the advice of an experienced foreclosure defense attorney can help you protect your home, your finances, and your future. 

Talk to a Columbus, OH, Foreclosure Defense Lawyer Today 

Kohl & Cook Law Firm, LLC, represents the interests of Columbus residents who are facing foreclosure. Call our Columbus foreclosure defense lawyers today to schedule an appointment, and we can begin protecting your home right away.