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Foreclosure law in Cleveland, Ohio, entails a series of legal procedures followed by mortgage lenders to reclaim properties when borrowers default on their mortgage payments. Cleveland applies a judicial foreclosure process, which necessitates that the lender file a lawsuit to initiate foreclosure. This aims to provide added protection to homeowners by ensuring the lender proves their legal right to foreclose.
Complexities involved in Cleveland foreclosure-related laws can prove overwhelming for most individuals. Services of an experienced foreclosure attorney could be crucial in such scenarios. A foreclosure lawyer can help you understand your rights, evaluate possible defenses, possibly negotiate with the lender to modify a loan, or identify procedural errors that could delay the foreclosure. If your objective is to keep your home, a lawyer can help assess all available options.
Several local laws in Cleveland, Ohio, are relevant to foreclosure. Ohio is a 'lien theory' state, meaning that property acts as the security for the underlying loan. The process starts when the lender files a complaint in court and record a lis pendens. Homeowners have 28 days to respond. If the lender wins the case, the court will enter a judgment of foreclosure and the property is auctioned. If the property sells for less than the owed amount, the lender may seek a deficiency judgment against the borrower.
In Cleveland, the foreclosure process takes approximately 150-180 days, but it can vary based on several factors such as the court’s backlog and whether the borrower files a defense.
Yes, with the help of a lawyer, you can explore possible options such as loan modification, foreclosure mediation, short sale, or even bankruptcy which could potentially delay or stop the foreclosure process.
In such a case, the lender may obtain a deficiency judgment, which means you, as the borrower, are liable for the difference.
No, you do not. An eviction notice is issued after the property is sold at a foreclosure sale, which generally provides a certain notice period for the homeowner to vacate the property.
Yes, you do. As a borrower, you have the right to be notified about the foreclosure, to answer the complaint, and to be heard in court. It is essentially why obtaining legal advice from a foreclosure attorney could be beneficial.
The Legal Aid Society of Cleveland offers assistance for homeowners undergoing foreclosure. Resources like the Ohio Housing Finance Agency (OHFA) can provide useful information on avoiding foreclosure. The U.S Department of Housing and Urban Development (HUD) also provides resources and counseling for homeowners facing foreclosure.
If you need legal assistance with foreclosure in Cleveland, contacting a foreclosure attorney should be your first step. Schedule a consultation to understand your options and rights. Also, reach out to agencies like The Legal Aid Society of Cleveland and HUD for guidance and additional resources. The earlier you take these steps, the more options you may have to possibly delay the foreclosure or save your home.
