Foreclosure Process for Central Ohio Real Estate

With everyone talking about foreclosures and with how much they have been in the news lately, it's easy to get worried about the future of your Central Ohio home. The silver lining here is that you often have plenty of warning from your lender before they foreclose your property.

Ohio has judicial foreclosure which basically means that your lender will have to go through the courts system to implement the foreclosure. Currently the system is so bogged down that it is taking 8-10 months to complete the entire process.

The Foreclosure Act is when the lender takes legal action to repossess your home if you default on the loan.

The process begins when you miss the first payment. Your lender will call make efforts to reach you to arrange to get the loan current. It's very important to talk to your lender at this point. If you're having trouble making the payment due to a temporary problem, your lender may be able to offer options like Forbearance on your loan for a month or two.

With a second missed payment or a failure to meet the arrangements made from the first missed payment, the lender will begin to call you more often demanding that you catch up on the loan. Typically by this point, your mailbox will be overflowing with letters from the lender telling you to become current or they will take appropriate legal action.

If you continue to fall behind on your mortgage, and remain unable to catch up on you payments, you'll receive a different kind of letter from your lender. You will receive a Notice of Acceleration from the lender telling you to become current on your payments by a certain date, or the entire amount of the loan will become due and payable. If you are unable to pay up, the lender will begin the judicial foreclosure process on your Central Ohio home.

Remember, lenders do not want to be in the real estate business and would prefer working with you to avoid the whole foreclosure process and keep you in your home. The key is to stay in contact with the lender and diligently work with them to avoid foreclosure.

With it taking so long to process the foreclosure you have quite a bit of time to try to come up with a way to become current to stay in your home or pursue sale options to help you avoid a foreclosure on your credit.

This is an area I specialize in so if you have more questions please feel free to contact me at 614-273-6406 or email me at Vanessa.simmons@realliving.com. Subscribe to my blog to automatically receive free real estate advice and tips.


LINKS:
Foreclosure: http://credit.about.com/od/df/g/foreclosure.htm
Forbearance: http://www.allbusiness.com/glossaries/forbearance/4951290-1.html
Notice of Acceleration: http://dtbfinancial.com/glossary.html
Judicial Foreclosure: http://www.investorwords.com/2677/judicial_foreclosure.html