What is Foreclosure in Springfield, Ohio?

Find the right Foreclosure Bankruptcy attorney in Springfield, OH

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Springfield, Ohio Foreclosure typically involves a forced sale of the house at auction. Banks typically want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

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 many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Springfield, Ohio to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Ohio?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be forthright with them. Ignoring the issue will not make it go away. It is essential to remember that banks don't really want to own homes in Springfield. 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 consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Springfield, Ohio Attorney Help?

If you think foreclosure is imminent, a good Springfield, Ohio attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Springfield

Springfield is located in Clark County, Ohio. It is located west of Columbus, near Dayton, Mad River, and Buck Creek.

Interestingly, Newsweek Magazine included Springfield in its anniversary issue titled "The American Dream," which was published in 1983. In 2004, it was named an "All American City."

For nature lovers, a popular attraction is the Buck Creek Scenic Trailhead, which is great for walks, hikes, and nature-watching.

Springfield also has many well-established law offices and law firms. These offices and firms train excellent attorneys to provide personalized legal services to residents and local businesses.

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