Mentor Foreclosure Lawyers

Find the right Foreclosure attorney in Mentor, OH

Foreclosure Law in Ohio

Foreclosure in Mentor, Ohio is a process that permits 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 typically involves a home that was purchased with a mortgage from a bank. The bank will typically 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 Ohio, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this type of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

In a large number of states, but not all of them, mortgages are a type of loan identified as a "non-recourse loan." While the regulations governing these loans are complex, it most basically 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 Mentor, Ohio

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.

You must keep in mind that banks are in the business of lending money, not flipping property: the bank doesn't really want your house. To that end, they'll sometimes go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the proceeds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Ohio, the remaining debt is excused.

Can a Mentor, Ohio real estate attorney help?

If you are facing foreclosure in Mentor, Ohio, and want to do everything practicable to save your house, the assistance of a knowledgeable real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Mentor

Mentor, Ohio is a city located in Lake County. As of the 2000 United States Census, it has a population of approximately 50,000 people.

In 2006, Money Magazine named Mentor, Ohio as one of the 100 best places to live in the United States.

Thanks to its moderate size, and the fact that it is near Cleveland, without being directly adjacent, Mentor boasts most of the modern ameneties and conveniences that one would expect from a large city, and the quiet, slightly pastoral charm of a small town.

Mentor, Ohio has a thriving retail sector, with a good blend of local and chain stores. The same goes for its dining options.

Mentor Ohio, being on the shore of Lake Erie, is also home to several outdoor recreational options, including Headlands Beach State Park, which has the longest natural beach on Lake Erie.

The area also offers boating, fishing, water-skiing, hiking, and camping, among many other outdoor activities.

Thanks to its size and diversity, Mentor, Ohio has a diverse and thriving legal community. If you are facing any sort of legal issue, the chances are good that a Mentor, Ohio attorney will be able to help you solve it.

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