A sheriff sale is a public auction where buyers can bid on properties that have undergone foreclosure. If you are unable to make your mortgage payments and the lender decides to foreclose, you might lose your home in such a sale. Aside from hiring an attorney, here’s what you should know about the process—and how you can potentially save your home.  

How the Sheriff Sale Process Works

Before the auction begins, the house will be appraised to determine its value. Ohio law stipulates that the property cannot be sold for less than two-thirds of its value. Other than this, regular auction rules apply; the home will go to the highest bidder. 

Note that people with a vested interest in the home, like your family members, must pay the full price due on the mortgage, so don’t count on them to be able to buy it for you at a cheaper rate.

Once the auction concludes, there is a 60-day “redemption period,” during which the sheriff must inform the courts of the sale. The courts then have 30 days to validate the purchase. This means you have around 90 days to vacate the premises—but the entire process can move much more quickly, taking only days.

What an Attorney Can Do to Save Your Home

Letting go of your family house can be difficult, but there are ways to save it. While you can reclaim the property during the redemption period by paying the full amount owed, this is tricky if the process moves quickly. Your best bet is to avoid foreclosure altogether. An attorney can help.

You could file a stay of sale motion, for instance, which might slow the process and give you more options. Alternatively, you can seek bankruptcy, which will result in an automatic court-ordered stay that blocks creditor harassment, including foreclosure. Your lawyer can also apply for a loan modification, negotiating a more feasible payment plan for you.

If you are facing foreclosure in the Hamilton, OH, area, talk to Harry B. Zornow. With more than 30 years of experience, this compassionate bankruptcy and debt-relief attorney believes that everybody deserves a second chance. If you need help getting back on your feet financially, visit him online or call (513) 737-9770 today.