A Foreclosure in Dayton Ohio is giving up your home if you have not made your mortgage payments. This article explains what you can do to avoid foreclosure. A mortgage is an agreement between mortgage companies (typically a bank) and a home buyer. The mortgage company gives the home buyer a loan against collateral. Collateral is the property that the debtor gives back if the loan isn’t paid in full. This process is known as foreclosure.
The following is the general process of a Foreclosure in Dayton Ohio:
0-2 Months
* If you are late with three mortgage payments, a foreclosure is initiated.
* The bank will demand foreclosure and hand papers off to the local sheriff. If they cannot find a party, they put an ad in the local newspaper.
2-4 Months
* You have three calendar months after receiving the foreclosure suit to catch up with the debt. If you manage to do this, your foreclosure case is terminated. You cannot catch up again in this way for the next five years; or
* You will receive notifications that will tell you when you have to go to court. You must appear in court that day. The courts may give you extra time to catch up.
7-10 Months
Before selling your property, the lender must:
* Print a bill of sale in local newspapers. This notice must go out in the paper’s real estate section for at least three consecutive weeks.
* Find out if you are eligible for loan modifications. If you do not qualify, the sale of the house could be invalid.
8-11 Months
The court usually confirms the sale of the house unless you can show the courts the following:
* The notice was filed incorrectly
* Justice was not done
* The sale was fraudulent
The terms for the sale were unreasonable
Justice was not done
9-12 Months
* At this point, you and anyone else living in the home have lost the right to live in the home. The lender asks the court to send the Sheriff to the property.
A case of foreclosure can last several months. During an appropriate case, you can stay in your home. The law says you are allowed a certain amount of time to exercise your rights and try to save your home. Your case cannot proceed to the next step of foreclosure until these timelines are met.
