Ways to Avoid Foreclosure in Hamilton, OH

by | Jan 10, 2017 | Foreclosure

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In Ohio, property owners facing foreclosure need assistance in stopping this action. There is a multitude of actions they can take to prevent the loss of their property. These actions could also reduce the impact on their credit history as well. The following is a review of these opportunities to avoid foreclosure in Hamilton, OH.

Obtaining a Loan Modification

A loan modification is available to borrowers facing financial hardships, loans that aren’t affordable, and those who owe more for their home than they have equity. These actions allow them to transfer outstanding balances to the end of the contract. They also allow the borrower to get more affordable interest rates and a lower payment. For some borrowers, they can sign over the mortgage back to the bank to eliminate the debt entirely.

Filing for Bankruptcy

Borrowers can also stop foreclosure by filing bankruptcy. Through a bankruptcy, they acquire an automatic stay that prevents all creditors from taking legal action once the claim is approved. The duration of the stay depends on which bankruptcy chapter they choose. With chapter 7, they have a maximum of six months, while with chapter 13, they have a period that lasts up to five years.

A Quick Sale of the Property

A quick sale is arranged with an attorney. These sales are designed to enable the borrower to sell the property in a short amount of time. The selling price is lower than the full value of the property. However, the borrower tries to sell it at a price that is close to what they owe their lender. This won’t present them with a profit for the sale, but it doesn’t help them settle the debt. However, if they don’t collect the full balance, the borrower must pay the remaining balance.

In Ohio, property owners prevent a foreclosure by taking immediate action. To achieve the overall goal, they acquire assistance from an attorney. The attorney gives them access to solutions such as loan modifications, bankruptcy, and quick sales. Property owners who are facing foreclosure in Hamilton, OH contact Dean Snyder, Attorney at Law, to get legal help today.

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