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The term “zombie foreclosure” might conjure up scenes from the movie “Night of the Living Dead,” but for the more than 7,000 homeowners who abandoned their homes before their lenders completed the foreclosure process by taking possession, the term could represent a lost opportunity. According to recent data on foreclosures in the United States, Ohio ranks fourth on the list…
In an earlier post, we discussed the procedures that take place when your mortgage lender begins the foreclosure process against you. This post will elaborate on ways that you can possibly avoid losing your home in a foreclosure sale. An important point to remember throughout the foreclosure process is that the lender would prefer that you stay in your home…
The United States Supreme Court recently decided that a mortgage can be rescinded under the federal Truth in Lending Act (TILA) by simply writing a letter. The Court held that a lawsuit is not necessary to back out of a mortgage under TILA, contrary to what the Eighth Circuit Court of Appeals held. Of course, borrowers who have TILA claims…
The foreclosure crisis that began in 2007 hit the state of Ohio hard, and only recently have indications emerged suggesting that the worst is over. This at least is according to statistics from the Ohio Housing Finance Agency, which suggest that a significant improvement from previous years has been underway. The average price for houses in Ohio has improved from…
Most people understand that our credit scores affect our daily lives. Generally, it is difficult to get a loan or obtain a credit card without decent credit. If a person’s credit score is low, he or she may be able to get a loan but the interest rate may be unreasonably high. The lender may even add some creditor-friendly clauses…
This post will provide details about what actually happens in a foreclosure and steps you can take as the homeowner, following up on a previous post. In the previous post, we discussed the basics of foreclosure, including legal definitions and possible scenarios. If you are a homeowner and you happen to miss a payment, this is considered a breach of the…
Ongoing financial challenges can often lead to outcomes such as filing for bankruptcy, repossession and having to acquire a home equity loan. In the face of unemployment money trouble can continue to grow and may seem overwhelming for any family or individual homeowner. Losing income will naturally add to the possibility of facing foreclosure. Other worries about mortgage payments and…
Perhaps you have hit some hard times recently, and have fallen behind on your mortgage payments. You might even have had to file a petition for bankruptcy. It has come to the point where your mortgage lender has given you notice that it is beginning foreclosure proceedings. So it is time to move out of your home, right? Not so…
An Ohio homeowner may be among the first individuals to use a provision of the Dodd-Frank law to file a lawsuit against a mortgage servicing company. Although the Dodd-Frank law may be thought of by many as a law dealing largely with securities regulation, one provision deals with a problem that some homeowners have encountered when it comes to properties…
Since the housing market hit a downturn in 2008, many people in Cincinnati, Ohio, and across the country, have had difficulties paying mortgages due to fluctuating variable interest rates. These people are facing the threat of foreclosure, and the prospect of losing their home. In order to know how to deal with foreclosure on your mortgage, and escape the threat of…