Can I sell my home to avoid foreclosure after the moratorium ends in Ohio?
Selling Home to Avoid Foreclosure
The COVID-19 pandemic has caused unprecedented economic turmoil, leading to widespread job loss and financial strain for many Americans. As a result, millions of homeowners have struggled to keep up with their mortgage payments, leading to an increase in foreclosures. In response, many states, including Ohio, have implemented foreclosure moratoriums to protect homeowners from losing their homes during this difficult time.
But what happens when the foreclosure moratorium ends? Is it possible to sell your home to avoid losing it to foreclosure?
It's important to understand that every situation is different and it's best to speak with a knowledgeable attorney to determine the best course of action for your specific case. However, if you're facing the possibility of foreclosure after the moratorium ends in Ohio, selling your home may be a viable option to consider. Here are some options to consider:
Traditional sale: If you have enough equity in your home, you may be able to sell it through a traditional sale and pay off your mortgage in full. This can be a good option if you have a buyer lined up and can close the sale quickly.
Short sale: If you owe more on your mortgage than your home is worth, you may be able to sell your home through a short sale. This allows you to sell your home for less than the amount you owe on the mortgage, with the lender agreeing to accept the reduced amount as payment in full.
Deed in lieu of foreclosure: If you're unable to sell your home and don't want to go through the foreclosure process, you may be able to negotiate a deed in lieu of foreclosure with your lender. This involves transferring ownership of your home back to the lender in exchange for them agreeing to forgive the mortgage debt.
It's important to keep in mind that these options may require you to provide documentation of your financial situation and may not be available to all homeowners. That's why it's crucial to speak with an experienced attorney who can help you explore all of your options and advocate on your behalf.
If you're facing the possibility of foreclosure after the moratorium ends in Ohio and want to sell your home to avoid it, don't hesitate to reach out to the law firm of Doucet Co., LPA. Our attorneys have the knowledge and experience to help you navigate this challenging situation and protect your home. Call us at (888) 200-9824 to schedule a consultation today.