What Are My Rights During A Foreclosure?

Very few life events are more stressful than facing foreclosure. Nonetheless, you do have rights that you can exercise during the foreclosure process. It’s important to understand what they are so you can navigate your options intentionally. In this article, the Dayton, OH, foreclosure defense lawyers at Kohl & Cook Law Firm, LLC, will discuss your rights during the foreclosure process in Ohio.

What exactly is foreclosure? 

If you fall behind on your mortgage payments, the bank that holds your loan can “foreclose” on the property or force you out of your home. A mortgage loan is a secured loan that is backed by the home itself. If you can’t or won’t pay on your mortgage, the bank can foreclose on your home, forcing you out, so they can sell it to another party.

Your rights during the foreclosure process 

Your situation may feel hopeless, but you do have several legal rights throughout the foreclosure process. These include:

• Right of redemption – If you’ve ever paged through your mortgage contract, you may have noticed a section titled, “Borrower’s Right to Reinstate After Acceleration.” If you can find this section, you have the right to reinstate your mortgage. Even in cases where there is no section for reinstatement, you may have the right to request one from the court. This would require that you have the money needed to reinstate the loan. In that case, a judge would likely be more willing to help you avoid foreclosure. To reinstate the loan, you would need to pay off the arrearage to redeem your property before the foreclosure is finalized.

• Right to challenge the foreclosure – You can challenge the foreclosure in a court of law. Your lender may have made a mistake or you may have suffered a temporary setback that caused you to fall behind on your mortgage. Whatever the case, you have the right to challenge the foreclosure. A foreclosure defense lawyer can help determine your best option.

• Right to notice of the foreclosure – If the lender fails to send notice of a pending foreclosure, your rights are being violated. In Ohio, you are entitled to receive a complaint and summons that notifies you of the impending foreclosure. If the bank failed to send you such a notice, you should reach out to a foreclosure defense attorney right away. We can help ensure that the bank hasn’t made any mistakes.

Talk to a Dayton, OH, Foreclosure Defense Lawyer Today 

Are you facing foreclosure in Dayton, OH? If so, you may have options to stop the foreclosure or leave yourself in a better financial position. Call the Ohio foreclosure defense lawyers at Kohl & Cook Law Firm, LLC, today to schedule an appointment and learn more about how we can help.