Can I get a short sale to avoid foreclosure after the moratorium ends in Ohio?
Avoid Foreclosure with a Short Sale
If you're facing foreclosure in Ohio and wondering if a short sale can help you avoid losing your home, you're not alone. A short sale can be a viable 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 short sale 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 short sale is a way to sell your home for less than what you owe on your mortgage. If you're able to negotiate a short sale with your lender, you may be able to sell your home and pay off some, or all, of your mortgage debt. 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 short sale is the right option for you. First, you'll need to determine if you're eligible for a short sale. In order to qualify for a short sale, 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 buyer lined up who is willing to purchase your home for less than what you owe.
If you're considering a short sale to avoid foreclosure, it's important to speak with a real estate attorney or a qualified short sale specialist. These professionals can help you understand the process and determine if a short sale 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 short sale is the right choice for you.