Will the foreclosure moratorium lower my mortgage payments in Ohio?

The foreclosure moratorium in Ohio, which was implemented in response to the COVID-19 pandemic, has had a significant impact on the foreclosure process. The moratorium, which was put in place on March 20, 2020, has been extended multiple times and is currently set to expire on January 31, 2021.

One question that many homeowners in Ohio may have is whether the foreclosure moratorium will lower their mortgage payments. The answer is, it depends on the individual circumstances of the homeowner.

The foreclosure moratorium does not directly lower mortgage payments. It simply prohibits lenders and servicers from initiating or completing a foreclosure on a residential property. This includes issuing a notice of default, filing a complaint, or scheduling a sheriff's sale. The moratorium also applies to mortgage servicers and lenders who are seeking to foreclose on a property that is secured by a reverse mortgage.

If a homeowner is struggling to make their mortgage payments due to financial hardship caused by the pandemic, there may be options available to lower their payments. For example, homeowners may be able to temporarily postpone their mortgage payments through a forbearance plan. A forbearance plan allows homeowners to pause or lower their mortgage payments for a certain period of time. However, it is important to note that any missed payments will need to be made up at a later date.

If you are a homeowner in Ohio who is struggling to make your mortgage payments, it is important to understand your options. A qualified attorney can provide you with legal advice and representation to help you navigate the foreclosure process.

If you are concerned about losing your home to foreclosure, we encourage you to call the law firm of Doucet Co., LPA at (888) 200-9824. Our team of experienced attorneys can help you understand your options and protect your rights