Will the foreclosure moratorium remove any late fees or penalties from my mortgage in Ohio?
Understanding Ohio Foreclosure Moratorium Impact
The foreclosure moratorium in Ohio has been a topic of concern for many homeowners in the state. One common question is whether or not the moratorium will remove any late fees or penalties from a mortgage. The answer is that it depends on the specific circumstances of your mortgage and the actions of your mortgage lender.
Under the current moratorium, foreclosure proceedings and evictions have been temporarily suspended in Ohio. This means that if you are unable to make your mortgage payments due to financial hardship related to the COVID-19 pandemic, you may be protected from losing your home through foreclosure. However, this does not necessarily mean that late fees or penalties will be waived.
It is important to understand that the moratorium is not a forgiveness of mortgage debt. It is simply a temporary suspension of foreclosure proceedings. You will still be responsible for paying your mortgage, including any late fees or penalties that may have accrued. Some mortgage lenders may be willing to work with borrowers to provide relief, such as temporary forbearance or modification of loan terms. However, it is up to each lender to decide how to handle these matters.
If you are having difficulty making your mortgage payments and are concerned about late fees or penalties, it is important to reach out to your lender as soon as possible. You may also consider seeking legal advice from a qualified attorney. The law firm of Doucet Co., LPA is here to help. We have experience working with homeowners in Ohio to navigate the mortgage process and protect their rights. If you would like to speak with one of our attorneys, please call us at (888) 200-9824.