Can I delay the foreclosure process in Ohio by agreeing to a short sale or deed in lieu of foreclosure?

If you are facing foreclosure in Ohio and are considering a short sale or deed in lieu of foreclosure as a way to delay the process, you may be wondering if this is a viable option. The short answer is: it depends.

Foreclosure is a legal process through which a lender attempts to recover the balance of a loan from a borrower who has defaulted on their payments. If you are facing foreclosure, it is important to understand that you have options and to seek legal guidance as soon as possible.

One option to consider is a short sale. A short sale is a sale of a property for less than the outstanding balance on the mortgage. In order to complete a short sale, you will need to negotiate with your lender and get their approval. If your lender agrees to a short sale, it can potentially help you avoid foreclosure and the negative impact it can have on your credit. However, it is important to be aware that a short sale will still have a negative impact on your credit, and you may still owe your lender money after the sale is complete.

Another option to consider is a deed in lieu of foreclosure. A deed in lieu of foreclosure is a legal agreement in which you transfer ownership of the property to the lender in exchange for the lender agreeing to not pursue a foreclosure. This can potentially help you avoid the negative impact of foreclosure on your credit. However, it is important to be aware that a deed in lieu of foreclosure may not be available to you, and your lender may still pursue a deficiency judgment against you, which means they may try to collect any remaining balance on the loan from you after the property is sold.

It is important to be aware of any deadlines or time limits that may be imposed by your lender or the court. Missing these deadlines could result in the foreclosure process continuing, even if you are in the process of negotiating a short sale or deed in lieu of foreclosure.

If you are facing foreclosure in Ohio and are considering a short sale or deed in lieu of foreclosure as a way to delay the process, it is important to seek legal guidance as soon as possible. The experienced attorneys at Doucet Co., LPA can help you understand your options and assist you in finding the best solution for your situation. Don't wait until it's too late - call (888) 200-9824 today to learn more about how we can help.