Homeowners faced with foreclosure often find themselves overwhelmed and afraid, worried that they have no legal options. Fortunately, the legal system provides substantial rights to financially distressed homeowners and requires lenders to navigate a complex process before foreclosing. As soon as you receive notice of foreclosure, speak to an experienced bankruptcy attorney who will explain your rights and take any steps necessary to protect your home.

What Is the Foreclosure Process in Ohio?

The 120-Day Waiting Period

Under federal guidelines, mortgage lenders must wait until the borrower is at least 120 days delinquent before initiating the foreclosure process. This allows borrowers to make up missed payments, explore your bankruptcy options, or pursue a loan modification that might prevent foreclosure.

Serving the Complaint

In Ohio, foreclosure is a judicial process, which means lenders must take you to court before seizing your property. The first step is filing a complaint with the court and formally serving you with a legal summons. Once you have officially been served, you have 28 days to respond before the lender receives a default judgment against you.

Answering the Summons

In your formal response, you and your attorney might offer any defenses against foreclosure, including mathematical errors, violations of debt collection laws, or a failure to produce the original note. Responding to the summons and complaint will extend the process, potentially giving you enough time to mediate a resolution or explore your bankruptcy options.

Filing for Chapter 13 Bankruptcy

If the court decides that your defense isn’t valid, you might still be able to file for Chapter 13 protection, which puts an immediate stop to all collections activity. Through a court-managed repayment plan, borrowers with sufficient income can make up their arrears, bringing their mortgage current and saving their homes.

If you’re facing foreclosure, an accomplished attorney can outline your legal options, protect your rights, and provide valuable peace of mind. For over 30 years, Harry B. Zornow has helped borrowers throughout the Hamilton, OH, area reclaim their lives from crippling debt. To schedule a consultation with a bankruptcy attorney, visit his website or call (513) 737-9770, and follow his Facebook page for more legal advice and insight.