Ohio Bank Foreclosures – Time Line

Filed under: Bank Foreclosures | 26th May

There is a standard time-line in the foreclosure process, legally you have 30 days pas the due date of your mortgage payment before the bank is able to mark you as being late for payment. At this point “Late Charges” will be added to your account and Experion, Equifax and Trans Union will be informed. This already reflects on your credit rating.

Technically speaking you are only one payment in arrears however the next payment is going to need to be doubled and late charges paid. At this point you will start to receive calls from the bank. At 60 days you start to receive nasty letters and at ninety days the bank will send your account to the collections department. This is when the foreclosure process gets started and is generally speaking for many people, the point of no return. At this stage it becomes virtually impossible for the home owner to catch up. They receive a notice of default and the foreclosure process continues.

The bank will now demand that the entire outstanding debt on the mortgage be repaid, legal fees are added, and the threats of making you homeless become more aggravated. A notice of default is filed with your local courthouse and is published in the newspaper and you will receive a notice of sale date. This date is the day that you home will be sold on auction and become one of many Ohio bank foreclosures, if you cannot come up with the amount demanded by the bank. Typically the bank will not evict you from your home on the day that the property is sold, they will allow you a few weeks to collect yourself, however this is going to happen.

If you find yourself in these circumstances and really cannot see a way out, there are some property investors who purchase distressed properties in the pre-foreclosure market. If you find your back is against the wall and you cannot raise the funds to save your home from foreclosure, look for someone who is willing to buy it, settle your liens and debt with the bank and leave you with something in your pocket as well as save your credit rating from the ignominy of a foreclosure. Many investors specialize in this kind of market and have a great wealth of experience in creating a win-win situation.

Ohio bank foreclosures are on the increase and are classified as distressed properties. The fact that they have these legal hindrances is almost as bad as if they were physically damaged by some kind of natural disaster. Pricing becomes and issue, they are not valued at the same market value as other properties and essentially, virtually any sale price will do within reason to try to stop the foreclosure process. While this does create an opportunity for savvy investors to make profit, it is not a great position for the homeowner to be in. However desperate times do take desperate measures and selling your home in pre-foreclosures could save the day.