What is Foreclosure in Cleveland Heights, Ohio?

Find the right Foreclosure Bankruptcy attorney in Cleveland Heights, OH

Foreclosure is a judicial procedure allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Cleveland Heights, Ohio. When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an simple way to do this.

In all states in the U.S., including Ohio, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Cleveland Heights, Ohio attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in Ohio?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Cleveland Heights don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Cleveland Heights, Ohio Attorney Help?

If you are facing foreclosure, a good Cleveland Heights, Ohio real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Cleveland Heights

Cleveland Heights, Ohio is a suburb of the larger city of Cleveland, the second-largest city in Ohio. It has a population of about 41,000 people, and is situated in Cuyahoga County.

Cleveland heights is mostly residential, and serves as a "bedroom community" for people who work in Cleveland, but want to live in the more quiet and spacious suburbs. Cleveland Heights has a thriving arts community, boasting galleries, theaters, art studios, and more. This makes it especially attractive for younger professionals who are beginning to settle down, but still want to live in a somewhat-cosmopolitan environment, and have easy access to a large city and all the trappings it entails. The city also has several swimming pools, outdoor markets, and an iceskating rink, for residents and visitors to enjoy.

Cleveland Heights, Ohio also has an attractive downtown shopping area, much of which is walkable. Cleveland Heights has a low crime rate for the region, and a relatively high median family income, compared with surrounding communities.

All in all, Cleveland Heights, Ohio is a good place to raise a family, especially if you or your partner work in Cleveland, but don't want to live in the heart of a major urban area.

There are plenty of Cleveland Heights, Ohio lawyers who can help you with whatever legal problem the average person is likely to face. And with the larger city of Cleveland very close by, your selection of lawyers in Cleveland Heights, Ohio is hard to beat.

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