Cleveland Foreclosure Lawyers

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Foreclosure Law in Ohio

Foreclosure in Cleveland, Ohio is a process that authorizes a lender to take possession of the property that was used to secure their loan, in the event that the borrower fails to repay it.

If an ordinary consumer faces foreclosure, it normally involves a home that was purchased with a mortgage from a bank. The bank will normally try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

In every state, including Ohio, homeowners have the option to go through what is known as a foreclosure by judicial sale. Essentially, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

In a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Cleveland, Ohio

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they likely aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is just a last resort to cut their losses.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

Lastly, there is the "short sale." Normally considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good choice. In Ohio, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Cleveland, Ohio real estate attorney help?

If you are worried that your Cleveland, Ohio house is going to be foreclosed, and want to try and stop this, a seasoned real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Cleveland

Cleveland, or "The Forest City," is the county seat of Cuyahoga County and best known for playing host to the Rock and Roll Hall of Fame. As the State of Ohio's second largest city, Cleveland's economy is highly reliant upon its central position and convenient access to local ports, waterways, and rail lines. The Cuyahoga River, Lake Eerie, as well as the Ohio and Eerie Canals make up the main access routes by ship. Cleveland is a major producer and exporter of steel and other mass produced goods. The recent upturn in the Cleveland technology companies has attracted new major employers like Applied Industrial Technologies, KeyCorp, and the Glenn Research Center.

A few other notable businesses located in Cleveland include Sherwin Williams Company, NASA, and Forest City Enterprises. There are also a number of notable medical facilities like the Cleveland Clinic. The Cleveland Clinic is ranked in the best U.S. hospitals by U.S. News World Report. The American Public Transportation Association named the Greater Cleveland Regional Transit Authority the best mass transit system in the United States. Guns n' Roses star Steven Addler, Price is Right host Drew Carey, Tracy Chapman, director Wes Craven, rapper Kid Cudi, author Toni Morrison, and gold medalist Jesse Owens are all Cleveland natives. Needless to say, it's a diverse city. One way the diversity has positively manifested is with the local cuisine. Cleveland plays host to some of the most acclaimed restaurants in the world. Chef Michael Symon who was named a Food Network Iron Chef.

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