Selling Home to Stop Foreclosure in Ohio
If you are facing foreclosure in Ohio and are unable to make your mortgage payments, you may be able to sell your home as a way to stop the foreclosure process and potentially avoid damaging your credit. There are two options for selling your home when you are in this situation: a traditional sale or a short sale.
A traditional sale involves finding a buyer for your home and completing the sale in the same way you would if you were not facing foreclosure. If you are able to sell your home for more than the amount you owe on your mortgage, you will be able to pay off your debt and potentially walk away with some equity. However, if you owe more on your mortgage than your home is worth, you may have to bring money to the closing to pay off the difference.
If you are unable to sell your home for enough to pay off your mortgage, you may be able to negotiate a short sale with your lender. In a short sale, you sell your home for less than the amount you owe on your mortgage, and the lender agrees to accept the proceeds from the sale as payment in full. While a short sale can be a good option for some homeowners, it is important to understand that it will still have a negative impact on your credit.
If you are considering selling your home to stop a foreclosure in Ohio, it is important to act quickly and seek the help of an experienced attorney. The attorneys at Doucet Co., LPA have helped many homeowners facing foreclosure in Ohio and are available to discuss your options with you. Call us today at (888) 200-9824 to schedule a consultation.