Asked over 2 years ago - Eastlake, OH
Flagdidnt get a notice to get caught up first. just went straight to forclosure
in the normal course of things, Lenders and their collection departments attempt to contact you after the first payment is missed
they will usually continue this attempt for approximately 90 days
thereafter it is referred out to the foreclosure attorneys
the foreclosure attorneys usually just do the foreclosure, they usually do not negotiate catch-ups or loan mods
none of this contact is required, once the mortgage is in default they can go straight to foreclosure
however, under the current administration loan mod programs are available
Mediation is also available
you should have got a notice from the Lake County Court advising you of your right to Mediation
the foreclosure process in Lake County takes about 6 to 8 months
you probably still have time to do something
The lender does not have to give you an opportunity to catch up before they start the foreclosure process.
Here are some Quick Facts about foreclosure in Ohio:
- 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.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States.
Unfortunately, the notice of the Complaint being filed is the first one you are required to get. Still, though, I'd demand proof from the mortgage company before I let them get a default judgment. If they don't have all the paperwork in order, it will hurt them. An attorney can help you sort through these legal hurdles if you aren't sure how to proceed on your own.
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