OHIO FORECLOSURE

In a press release issued March 26, 2007, by the Policy Matters Ohio, “Ohio foreclosures in 2006 increased by 23.6%, with the court system handling 79,072 new foreclosures in 2006. If you are a resident of Ohio and are facing possible foreclosure, ApartmentStores Moving and Relocation can provide you with valuable assistance in dealing with the issues involved in foreclosure and may be able to provide materials that will allow you to save your home.

Foreclosure proceedings begin when a borrower is unable to meet the scheduled payments on the mortgage contract. Depending on the causes that bring about the failure to repay the mortgage, it may be possible for the borrower to retain ownership of the home. It must be realized that time is not the friend of the debtor and to ignore the pending foreclosure will not cause it to go away, but is more likely to insure that the home is lost to foreclosure.

Refinance- If the issues that resulted in the delinquent mortgage payments were short term and have been rectified or will be in a short time period. Then the debtor may be able to consider a refinance or a 2nd mortgage to bring the delinquent payments up to date. Developing a plan is important and then sharing that plan with your lien holder is a priority. Let the lender know if health issues, job changes, or other life situations, such as divorce, have caused you to fall behind and how you intend to bring the payments up to date.

Sell-If it becomes obvious that the problem cannot be solved in time to stop foreclosure than selling the home is a possible option. While not the first choice, selling does offer the borrower some positives. Equity in the home may be captured by selling, but will be lost in foreclosure. By selling the Ohio property, the delinquent borrower may be able to rescue what will become a very bad credit rating, making the purchase of another home very difficult.

Ohio foreclosures are a judicial procedure and are handled by the Ohio common pleas court. The process usually take place in a 150 day time frame and follows the following steps: 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 within Ohio. 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.

Understanding the complete Ohio Foreclosure process is essential for any resident that is facing the foreclosure on the home in which they live. ApartmentStores Moving and Relocation has the talent and assets to assist the homeowner in making the correct decision that will be faced in an Ohio foreclosure procedure.

Foreclosure is commonly misspelled as Forclosure.