Toledo Foreclosure

Foreclosure is the legal process a lender uses to take your home. If you're behind on your mortgage payments or received foreclosure papers, don't wait. Take action.

If you can't pay your mortgage, it's best to contact your loan servicer immediately to request help. Be prepared to wait on the line for assistance as a lot of homeowners are seeking help right now or get help through Toledo Home Solutions Foreclosure Specialist.

Understanding Foreclosure Basics and Your Options:

In the face of mortgage challenges, it's crucial to proactively address the situation. The actions you take now can make a significant impact on preserving your home.

Free Assistance:

Save the Dream Ohio – Mortgage Assistance extends financial support to eligible Ohio homeowners, covering delinquent and future mortgage payments for up to six months. While the assistance amount varies by household, individuals may qualify for a combined total of up to $25,000 in mortgage aid.

Applying for the Save the Dream Ohio program is free. To be eligible, the primary residence must be in Ohio, and the household should have experienced financial hardship or loss of income due to the COVID-19 pandemic. The income should also fall below the Save the Dream Ohio income eligibility threshold. For more details, visit savethedream.ohiohome.org.

Save the Dream Ohio – Utility Assistance Plus offers financial aid to eligible Ohio homeowners for delinquent utility bills, property taxes, and other housing costs not covered by the mortgage payment. Household assistance can reach a combined total of $10,000 in utility and housing cost support. You can apply for Utility Assistance Plus through your local Community Action Agency.

Pre-foreclosure

Pre-foreclosure is the period from your initial missed mortgage payment to your lender filing a foreclosure in court. Ohio law mandates a court action for home repossession, typically initiated 90 to 120 days after the first missed payment.

If you're in pre-foreclosure, here's what you can do.

1. Stay In The House: Personal Loan

2. List with An Agent

3. Loan Modification

4. Rent The Property

5. Cash Offer From Toledo Home Solutions

6. Sub 2 / Creative Finance / Seller Finance Offer

7. Renovate / List

8. Bankruptcy

To learn more information request a free call with one of our team members today.

Foreclosure

Foreclosure is the period from your lender filing a foreclosure complaint to your home being sold at a sheriff's sale, leading to eviction. The court foreclosure process duration varies, typically taking six months to over a year, depending on the case.

Action to take during foreclosure:

1. Consult a Lawyer

Defending against foreclosure can be intricate. Seek legal advice or representation if possible. If affordability is a concern, local legal aid organizations may provide assistance.

2. File A Foreclosure Answer Within 28 Days

Regardless of what you do, you must file an answer with the court within 28 days. Even if your foreclosure has been suspended or you are talking to your lender or servicer about other options. If you do not file an answer, you could potentially lose your home.

To file an answer, fill out this form and take it to your clerk of court's office. You can find your clerk of court under "Local Government and Community Resources" on this page.

3. Request Excess Funds from a Sheriff's Sale

If your home is sold at a sheriff’s sale, you may be entitled to excess funds. The court will notify you within 90 days after the sale, specifying the amount and how to claim it. File a motion within 90 days to avoid the funds going to unclaimed funds.

To file an answer, fill out this form and take it to your clerk of court's office. You can find your clerk of court under "Local Government and Community Resources" on this page.

Use this Form Assistant to create your motion asking for excess funds from the sheriff’s sale.

Contact a team member today for a FREE OFFER or to explore all your options.

Read more to learn about the foreclosure timeline in Ohio.