In an earlier post, we discussed the procedures that take place when your mortgage lender begins the foreclosure process against you. This post will elaborate on ways that you can possibly avoid losing your home in a foreclosure sale.
An important point to remember throughout the foreclosure process is that the lender would prefer that you stay in your home if at all possible. Even if this means having to restructure your home loan on terms less favorable than the original. From the lender's perspective, receiving less than it would like is preferable to gambling that a foreclosure sale will generate a high enough price, or worse, the sale does not attract a high enough bid, and the lender ends up with an empty house that generates no revenue at all.
The Ohio and federal governments both understand this mutual predicament that you and your lender are in, and they have created programs to assist distressed homeowners to restructure their mortgages and avoid foreclosure. The U.S. Department of Housing and Urban Development even has a website that serves as a clearing house with links to programs and resources that can help in this regard.
Even if the legal action against you gets to the point of a foreclosure sale, you may still be able to keep your home through your legal right of redemption.
This post is not offered, nor should it be relied upon as legal advice. An attorney familiar with Ohio foreclosure law can explain to you how this right works, as well as assist you with all other steps in avoiding default and protecting your legal rights against a foreclosure lawsuit.