Can I get a deed in lieu of foreclosure to avoid foreclosure after the moratorium ends in Ohio?

If you're facing foreclosure in Ohio and wondering if a deed in lieu of foreclosure can help you avoid losing your home, you're not alone. A deed in lieu of foreclosure is a voluntary agreement between a homeowner and their lender that allows the homeowner to transfer ownership of their home to the lender in exchange for the release of their mortgage debt. This can be a good option for homeowners who are unable to make their mortgage payments and want to avoid the time, expense, and damage to their credit that comes with a foreclosure. However, it's important to understand that a deed in lieu of foreclosure is not a guarantee, and there are several factors to consider before deciding if it's the right option for you.

First, let's discuss the foreclosure moratorium that is currently in place in Ohio. This moratorium was put in place to provide relief to homeowners who have been financially impacted by the COVID-19 pandemic. The moratorium has temporarily suspended the initiation of new foreclosures, as well as the completion of pending foreclosures. However, the moratorium is set to expire on March 31, 2021, which means that homeowners who are behind on their mortgage payments may soon be at risk of losing their homes.

A deed in lieu of foreclosure is a way to avoid the time, expense, and damage to your credit that comes with a foreclosure. If you're able to negotiate a deed in lieu of foreclosure with your lender, you may be able to transfer ownership of your home to your lender and have your mortgage debt forgiven. This can be a good option for homeowners who are underwater on their mortgage (owing more than their home is worth) or who can no longer afford their mortgage payments.

There are several factors to consider before deciding if a deed in lieu of foreclosure is the right option for you. First, you'll need to determine if you're eligible for a deed in lieu of foreclosure. In order to qualify for a deed in lieu of foreclosure, you'll typically need to be behind on your mortgage payments and have a financial hardship (such as a job loss or medical bills) that has made it difficult for you to make your payments. You'll also need to have a lender that is willing to accept a deed in lieu of foreclosure.

If you're considering a deed in lieu of foreclosure to avoid foreclosure, it's important to speak with a real estate attorney or a qualified housing counselor. These professionals can help you understand the process and determine if a deed in lieu of foreclosure is the best option for your situation.

If you're facing foreclosure and want to explore your options, call the law firm of Doucet Co., LPA at (888) 200-9824. Our experienced attorneys can help you understand your options and determine if a deed in lieu of foreclosure is the right choice for you.