- 1). Call your mortgage representative immediately. Your rep will be able to explain why you are facing foreclosure. Knowledge will play an important role in the following steps, so be sure to write down the reasons for delinquency and the foreclosure time line associated with this action. Write down the date of your last payment and make copies of any notices you have received, including the foreclosure notice. Organize all of this information within a folder specific to your situation and bring it with you to any appointments you make. Also, record any and all correspondence within this folder, including the time and date of phone calls and mail received and sent. You may want to speak directly to the loss and mitigation department of your mortgage company. It will request financial information to determine if you are eligible for a loan modification or other repayment methods.
- 2). Contact your court magistrate. In Ohio, each county has a foreclosure mediation specialist within the court system that can help you explore your options if you have received a foreclosure notice. This is the first step you should take to save your home. In Lucas County (Toledo city limits) the magistrate within the Supreme Court of Ohio is Mari Taoka, and she can be reached at 419-213-4731.
- 3). Hire an attorney or call the U.S. Department of Housing and Urban Development (HUD). There are various modification and refinancing options available depending upon the severity of your situation. Whether you are behind by a couple of payments or in a significantly more dire situation, there many be a way to catch up through one of the programs Ohio has created to help homeowners. Contact a HUD-approved housing counselor or an attorney that specializes in property law to schedule an consultation. Repayment plans, Home Affordable Refinance and even filing for bankruptcy may help stop the foreclosure process. Remember, the faster you contact someone after receiving the foreclosure notice, the more time you have to explore your options and take action. Visit the Save the Dream Ohio website (see Resource below) for detailed information on saving your home.
- 4). Exit gracefully if you have to. If you do not qualify for any of the foreclosure-prevention programs available, you can still stop the foreclosure process by selling your home. This is the best option if you cannot afford your mortgage but the house is worth more than the amount you owe. Contact a qualified realtor to learn more about selling your home. There are options available within this field that can speed the process, include short sales and assumption. Your realtor can explain each of these options and start enacting them on your behalf.
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