What is Foreclosure in Lakewood, Ohio?

Find the right Foreclosure Bankruptcy attorney in Lakewood, 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 Lakewood, 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, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an attorney in Lakewood, Ohio to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Ohio?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be honest with, your creditor as much as possible. One should remember that banks generally don't want to take your house in Lakewood. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Lakewood, Ohio Attorney Help?

If you are facing foreclosure, a good Lakewood, 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 Lakewood

Lakewood is in Cuyahoga County, Ohio. It is considered a part of Cleveland. It is the third largest city in the county, along with Cleveland and Parma.

Some great places to check out in Lakewood include Lakewood Park, The Rocky River Reservation, The Beck Center for the Arts, and Malley's Chocolates. A really popular restaurant that both locals and visitors love is Aladdin's Eatery,

Lakewood is home to many attorneys who either practice locally, or in Cleveland. These attorneys have excellent training, work in great firms, and can handle the legal needs of residents and businesses.

Famous residents, both past and present, include Matt Dunigan, Teri Garr, Moe Mantha, Jr., Brad Friedel, Sean Patrick O'Malley, Alex Boone, Dick Feagler, and Gary Lewis.

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