How To Read A Foreclosure Notice In Ohio
Receiving a foreclosure notice in the mail is a stressful experience. It is made more stressful by the fact that the notice is difficult to read, filled with legal jargon, and vaguely threatening. By understanding these legal terms, you can know what you’ll be dealing with when it comes to foreclosure. In this article, the Dayton, Ohio foreclosure defense lawyers at Kohl & Cook Law Firm, LLC will discuss common terms used in foreclosure notices.
Your first warning: The Notice of Default
If you receive a Notice of Default, you have commenced the first stage of the foreclosure process. The Notice of Default serves as a formal notification from your lender that you’ve missed one or more payments on your mortgage. This document generally includes:
- The amount of money you owe, including any accrued interest and penalties
- A deadline for you to address the delinquency and rehabilitate the loan
- A warning that not acting will lead to additional legal action
At this stage of the game, you may have options like repayment plans and/or loan modifications. It’s essential to act on this notice. Your best move is to contact a foreclosure defense attorney now.
Notice of Sale
If you don’t respond to the notice and make up the arrearage, the lender will issue a Notice of Sale. The Notice of Sale provides details about the auctioning of your property. These include:
- The date, time, and location of the sale
- The amount you owe to the lender, including additional fees
- A legal description of your property
This document might also give you details on your rights to stop the foreclosure or reclaim the property. It’s important to note, however, that your options become more limited as the date of the sale approaches.
The Acceleration Clause
This clause allows the lender to demand full repayment of the loan immediately. You won’t be making payments on a monthly schedule anymore. The entire balance will become due. This is a major turning point in the foreclosure proceedings and highlights the urgency of acting on the first notice.
Common legal terms on your foreclosure notice
- Deficiency judgment – Allows the lender to recover the remaining balance on the loan if the foreclosure sale doesn’t recover the full debt.
- Right of redemption – Gives you the chance to reclaim your property by paying the full amount owed before the foreclosure sale is finalized.
- Lis pendens – A notice filed in the public record that shows that a foreclosure lawsuit is pending.
- Reinstatement – Repaying all missed payments, including fees and penalties, to bring your mortgage out of arrears, rehabilitate the loan, and place it in good standing.
Talk to a Dayton, Ohio Foreclosure Defense Lawyer Today
Kohl & Cook Law Firm, LLC represents the interests of homeowners who are facing foreclosure in Dayton, OH. Call our Dayton foreclosure defense lawyers today to schedule an appointment, and we can begin going over your options right away.
