If you do not make your mortgage payments, the bank may file a foreclosure complaint in court
If you do not make your mortgage payments, the bank at some point will likely file a complaint with the county court. This complaint is called a foreclosure complaint. After being served with this complaint, you have 28 days to file a legal document called an Answer. An Answer either admits or denies each paragraph stated in the foreclosure complaint.
If you do not act on this Complaint, the Court will find you in default and schedule a sheriff sale.
If you do not nothing concerning this Complaint, the bank will file a document called a Default Motion. This is when they ask the court to allow them to take back your home and hold you responsible for whatever you owe, including principal, interest, court costs, attorney fees and paid escrow amounts. A sheriff sale will be scheduled later to sell your home to the highest bidder. Therefore, it is very important to address this Complaint and not to ignore it.
In Ohio, you can try to save your home or give it back through court mediation.
After receivng the foreclosure complaint, you must decide whether you want to keep your home, sell it, or to try to give it back to the bank. Whatever decision you make, you can now pursue it in court through mediation. If the court approves your request to mediate, you will be able to negotiate directly with the bank’s attorney in keep your home or give it back. In addtion, many times the court will stop the foreclosure to give you time to negotiate.
Once in mediation, you have a variety of options. If you want to keep your home, you may ask the bank to modify your loan. If you have a buyer who is willing to buy your home, but only for less than what you owe (“short”), you may request a short sale. If you cannot find a buyer but you still want to give your home back to the bank, you can request a deed in lieu of foreclosure (“deed in lieu”). It is important to speak with an attorney regarding any or all of these options to determine if you qualify. In addition, since mediation involves working with the attorney for the bank, it may be helpful for you to have your own attorney.
To learn how an experienced Cleveland bankruptcy and foreclosure lawyer can assist you to mediate your foreclosure case and to help you save your home or give it back, call Attorney Eli Tamkin at (216) 333-1294 for a free consultation
At the law offices of Eli Tamkin in Cleveland, we represent clients throughout northeast Ohio, including Cleveland, Avon, Painesville, Cleveland Heights, Shaker Heights, Parma, Elyria, Strongsville, Lorain, Independence, Westlake, Lakewood, Maple Heights and Beachwood; and in Cuyahoga County, Lake County, Lorain County and Geauga County.