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Foreclosure Prevention Attorney in Shaker Heights, Ohio

According to data obtained from the Ohio Supreme Court, there were a total of 5,611 foreclosure filings in Cuyahoga County courts in 2018. In the state of Ohio, it is considered a breach of your mortgage agreement to miss your loan payment. If you have missed mortgage payments for between three and six months, your lender may instigate a foreclosure proceeding.

If you're trying to prevent a foreclosure on your home, it is crucial that you speak with a knowledgeable Ohio foreclosure prevention attorney for proper guidance. Attorney Sam Thomas and his legal staff are dedicated to offering comprehensive legal guidance and reliable representation in foreclosure matters. As your legal counsel, Sam will help you understand your situation and determine your possible options to prevent foreclosure. They will fight vigorously to stop the foreclosure and ensure that you keep your home.

Attorney Sam Thomas proudly serves clients throughout Shaker Heights, Cleveland, and the Northeast Ohio areas, including Akron, Canton, and Youngstown.

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Reasons for Foreclosure

A foreclosure can be described as a legal process in which a financial institution, such as a mortgage company or bank, repossesses or forces the sale of a property or home. Through foreclosure, the financial institution or lender can obtain ownership of the property. Some common reasons for foreclosure include:

  • Failure to make loan payments

  • Failure to pay property taxes

  • Failure to pay property insurance

  • Adjustable-rate loans

  • Unemployment

  • Sudden relocation

  • Credit card debt

  • Critical illness and medical bills

  • Multiple bills

  • Divorce

  • Death

Understanding the Foreclosure Process in Ohio

Ohio is a "judicial foreclosure" state. This means that the foreclosure process is court-supervised and must involve formal legal proceedings. Here are the steps involved in the Ohio foreclosure process:

Waiting Period

Under federal mortgage servicing laws, the loan servicer must wait until the consumer is over 120 days behind on their mortgage loan payments before initiating the foreclosure proceeding. The 120-day waiting period is designed to give the delinquent consumer enough time to explore possible ways to prevent foreclosure.

Notices

Before the lender calls your entire loan due and files for foreclosure, the bank may give you a written notice of the default. You may also be given a grace period after the notice of default to catch up on your loan payments. You will have up to 30 days to pay all past due payments and charges before the bank files for foreclosure.

Summons

This is a document issued by the county court clerk. It contains basic instructions regarding where and when to file your response and other essential information about your foreclosure case.

Complaint

Once the lender files a complaint in court, the foreclosure begins. The complaint will contain the following information:

  • A statement that the lender has the legal right or standing order to enforce the note and mortgage

  • The type of mortgage loan you have with the lender

  • The reasons why the lender is seeking foreclosure

  • The interest rate and the amount owed by the borrower

  • The date of default or the of last payment

  • A description of what the lender wants the court to do

Court and Decision

The lender may petition a motion for summary judgment seeking to have the court grant judgment in favor of the bank. If the summary judgment is granted by the court, the judge will order the property to be sold at a foreclosure sale. If the court denies summary judgment, your case will go to trial. If you're unsuccessful at trial, the judge will enter a judgment allowing a foreclosure sale.

Disputing the Decision

Until the home sale is confirmed by the court, you are within your rights to dispute the decision and redeem your house. A knowledgeable attorney can help you explore your possible options.

Foreclosure Sale

Once your property is sold during the foreclosure sale, you will be required to vacate the home. If you don’t, the new owner may evict or force you out.

Your Legal Rights and Options

The various options to prevent a foreclosure include:

  • Right of Redemption: Right of redemption laws allow a homeowner to redeem his or her property after the foreclosure sale. In Ohio, you have until the court confirms the home sale to redeem your property.

  • Right to Reinstate the Mortgage: Depending on the terms of your mortgage contract, you have the right to reinstate the loan.

  • Wrongful Foreclosure: This involves bringing a civil action against the foreclosing party based on fraudulent allegations during the foreclosure process.

  • Short Sale: Through a short sale, the mortgage company will allow the homeowner to sell the property for less than the loan amount owed.

  • Deed in Lieu of Foreclosure: In exchange for mortgage debt relief, the homeowner can transfer the property title to the lender using this legal document.

  • Bankruptcy: Filing for bankruptcy activates an “automatic stay." This prevents collection agencies from foreclosing, repossessing, or evicting you from your home.

Work with an Experienced Attorney

The thought of losing your home to foreclosure can be unsettling. Dealing with the threat of foreclosure on your own without detailed guidance or legal representation from an attorney is never advisable. When trying to stop foreclosure on your home, consulting with an experienced Ohio bankruptcy attorney is important for detailed guidance and to explore your options.

Sam Thomas III, ESQ. LLC has dedicated his career to providing experienced legal services and defending clients in their foreclosure proceedings. Attorney Sam Thomas and his legal staff will evaluate your unique situation and help you understand your possible legal options. He will work diligently to prevent foreclosure and help negotiate an alternative solution with your mortgage lender that will enable you to retain your property.

Foreclosure Prevention Attorney Serving Shaker Heights, Ohio

If you're facing the possibility of losing your home to foreclosure, call Sam Thomas III, ESQ. LLC, today to schedule a consultation. He will offer you the comprehensive legal guidance and strong advocacy you need to navigate key decisions. Sam Thomas serves clients throughout Shaker Heights, Cleveland, and other Northeast Ohio areas, including Akron, Canton, and Youngstown.