Any national or individual economic downturn can lead to financial difficulties for an Ohio homeowner. In these instances, individuals may fall behind on their mortgage payments. When this occurs, the lender may bring a foreclosure action. If this occurs and is successful, a person could be forced to give up the home Those in Ohio, however, have a few legal options if this is occurring.
The easiest way to stop a foreclosure is to make payments for what is owed. In many cases, however, this may not be an option. After all, if a person was able to make these payments, the house would've likely never entered foreclosure. Another option that an individual has is filing for bankruptcy. While this may not seem like an attractive option, it can give an individual additional time to work on keeping the home.
Whenever a person files for bankruptcy, an automatic stay is put into place. This means that creditors must cease their actions, such as foreclosing on a home, against the filer. It should be noted that this isn't a permanent solution. The lender will fight it in court. Filing will, however, grant an individual more time, and depending on the type of bankruptcy filed, it's quite possible for a person to keep their home.
Most people will run across some financial difficulties in their lifetime. This can lead to bills not being paid, and when this occurs with a mortgage, a person could soon face losing his or her home. Seeking legal assistance to file for bankruptcy may allow a person to stop the foreclosure process and ultimately continue living in the residence.
Source: Ohio State Bar Association, "Q: What are my options prior to foreclosure if I want to keep my house? ", October 30, 2014