How long does a foreclosure process take?

Asked almost 3 years ago - Medina, OH

foreclosed on 4/20/11 repaid all back payments by May, 2011 have made mo payments and we are up to date. The outstanding amount ($1000) is for late fees. We have submitted paperwork to Wells Fargo x3 over the last 5 mo. to see if we qualify for remodification....how long does this take we keep sending more paperwork over and over. HELP!

Attorney answers (2)

  1. Michael J. Caticchio

    Contributor Level 14

    Answered . the question is not how long foreclosure takes

    the question is whether or not Wells Fargo will stop the foreclosure proceedings while you are working through your loan modification

    if they will stop the foreclosure during your process then you are ok

    the loan modification process is long, difficult, frustrating and really not something you should do on your own

    the State of Ohio and each county has free programs to help people through the process

    you need to contact these agencies and get some help

    in addition most Courts have mediation programs for foreclosure
    check and see if you can get mediation in Medina County
    check with Legal Aid, you may qualify for a free attorney to assist you with the mediation

  2. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    Answered . Quick Facts

    - Judicial Foreclosure Available: Yes

    - Non-Judicial Foreclosure Available: No

    - Primary Security Instrument: Mortgage

    - Timeline: Typically 150 days

    - Right of Redemption: Yes

    - Deficiency Judgments Allowed: Yes

    In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

    Judicial Foreclosure

    Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

    At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not less than two-thirds of said value.

    The sale may not take place until the notice of sale has been published once a week for three (3) consecutive weeks in a

    newspaper of general circulation in the county in which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.

    Lender's may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interest.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and... more

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