BANKRUPTCY AND FORECLOSURE
Keep Your Home and Get Debt Relief
If your debts are out of control and you face the prospect of foreclosure, you need to learn about the foreclosure process and your options.
At Cope Law Offices, LLC, we take an educational approach to bankruptcy. In a free consultation, an attorney at our firm can explain Ohio foreclosure law and discuss how we may be able to help you stop foreclosure and get debt relief at the same time.
Contact us today to schedule a free consultation. It won’t cost you anything, and it could be the first step toward a brighter financial future.
Foreclosure in Ohio — And How You Can Avoid It
Foreclosure takes some time to complete (usually about 150-180 days), but the process will proceed relentlessly unless you take action to stop it. The basic procedure is as follows:
- The lender will usually initiate a foreclosure action after the homeowner has been in default for 90-100 days.
- The lender files a foreclosure complaint in county court, and the homeowner has 28 days to respond. If the homeowner does not respond, the court will issue a default judgment.
- The court will then order the sheriff to initiate the sale of the property (usually referred to as a sheriff’s sale). The home cannot be sold for less than two-thirds of the appraised value of the property.
- The sheriff’s sale must be advertised for 30 days prior to the announced date of the sale.
- The sheriff sells the home in an auction at the courthouse. The homeowner has the absolute right to possess the house until the deed transfers, but once that happens the home must be vacated.
- The lender can then seek a deficiency judgment for the difference between the value of the outstanding mortgage and the amount obtained in the sheriff’s sale.
However, by filing Chapter 13 bankruptcy you can stop foreclosure, allowing you to keep your home. Filing Chapter 7 bankruptcy can delay foreclosure, though it will proceed unless you can get current on your mortgage payments. A foreclosure defense lawsuit can also stop or delay a foreclosure.
Helping Homeowners Avoid Foreclosure in Dayton and Southwest Ohio
Cope Law Offices, LLC, has helped hundreds of people keep their homes. In a free consultation, a lawyer can review your case and recommend the solution that is right for you.
Contact Our Firm
To schedule a free consultation in one of our six offices, contact Cope Law Offices, LLC.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.