What is Foreclosure in Cuyahoga Falls, Ohio?

Find the right Foreclosure Bankruptcy attorney in Cuyahoga Falls, OH

Foreclosure is a legal process 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 Cuyahoga Falls, Ohio. When a house is foreclosed, it is typically sold at auction shortly thereafter. This is because banks typically want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an easy 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 oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might 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 can 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 Cuyahoga Falls, Ohio Lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Ohio?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is critical to remember that banks don't really want to own homes in Cuyahoga Falls. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A Cuyahoga Falls, Ohio Attorney Help?

If you are facing foreclosure, a good Cuyahoga Falls, Ohio real estate Attorney can help. While keeping your home might not always be possible, a Lawyer 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 Cuyahoga Falls

Cuyahoga Falls is located in Summit County, Ohio. Approximately 50,000 people cal Cuyahoga Falls home. It is a suburb of Aron and Cleveland.

The most popular attractions are Blossom Music Center, Cuyahoga Valley National Park, Mary Campbell Cave, Gorge Metro Park, The River Front, Brookledge Golf Course, Indian Head-Trail of the Whispering Giants, The Natatorium, Water Works Aquatic Center, Falls River Cruise, and Downview Sports Center.

Past famous residents include John Jacobs, Jim Jarmusch, Gates McFadden, Jim Ballard, Bob Lewis, and Mark Mothersbaugh Devo.

The area is also home to many attorneys who practice in every area of law. Therefore, the legal needs of residents will always be taken care of!