What is Foreclosure in Lancaster, Ohio?

Find the right Foreclosure Bankruptcy attorney in Lancaster, 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 Lancaster, 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, 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 reasonable effort to get a decent 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 ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Lancaster, Ohio to find out if this is the case here. This typically does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Ohio?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. One should remember that banks usually don't want to take your house in Lancaster. 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 forthright with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might 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 usually 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 might be forgiven. You might 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 Lancaster, Ohio Attorney Help?

If you are worried about foreclosure, a good Lancaster, Ohio real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Lancaster

Lancaster, Ohio is a city located in Fairfield County, Ohio. It has a population of about 35,000 people, as of the 2000 Census.

Several Native American tribes populated the area now known as Lancaster thousands of years before the arrival of European settlers. European settlement of the area began in Earnest in the 1790s, at the earliest stages of America's westward expansion. Most early settlers of Lancaster, Ohio were of German descent, and emigrated from bordering Pennsylvania.

Lancaster rapidly grew as an agricultural center, and the canals that were being built in the region provided an easy way to quickly ship its produce to the large markets on the East Coast of the U.S.

Modernly, Lancaster is notable for its blend of 19th Century architecture, along with its natural beauty, with several nearby attractions (such as lakes and mountains) providing opportunities for hiking, swimming, and camping. Lancaster is also home to companies in several different manufacturing sectors, including glass.

As with any small-to-medium-sized American city, Lancaster has a fairly developed and tight-knit legal community. Lancaster, Ohio lawyers are well trained, experienced, and competent. They can handle just about any case that you might have.

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