Foreclosure is probably one of the situations a homeowner fears the most. This legal process gives lenders the right to take over ownership of a house. Foreclosure takes anywhere between six months and two years to complete. If you’ve fallen behind on your mortgage payments, don’t panic just yet.
What is the Foreclosure Process in Ohio Like?
There is no definite length of time for how long foreclosure in Ohio will take. This will really depend on how quickly your lender chooses to begin the foreclosure process. Generally, though, you will need to keep tabs on fixed deadlines that govern the foreclosure process.
Those undergoing foreclosure in Ohio have the right to:
- Receive notice about an impending foreclosure through a breach letter
- Apply for loss mitigation
- Get notified about the foreclosure and get the chance to respond to it in court
- Receive special protections if you are serving in the military
- Pay off the debt to prevent a foreclosure sale
- Redeem the property for a short time following the sale
- Take home any excess money made from the foreclosure sale
If you have missed any payments or feel like you are about to, it’s best to get started before the lender begins to take action. You have the most number of options when your house is still in the preforeclosure phase. Once your home has fully been foreclosed on, your options are significantly reduced.
What is Preforeclosure?
Preforeclosure refers to any time you have started missing out on your mortgage payments but before your lender has filed any foreclosure paperwork. Some people also considered the time before a foreclosure sale occurs as preforeclosure. (For clarity, in this article, preforeclosure will follow the first definition.)
During the preforeclosure phase, your lender is legally allowed to hit you with different fees including late charges and inspection fees. They also must send you a breach letter letting you know about the impending foreclosure and inform you about ways you can avoid it.
When Does Foreclosure Start?
Federal law dictates that foreclosure officially begins when a borrower is 120 days or more behind their payments (although there are a few exceptions). This 120-day period is deemed sufficient enough for homeowners to submit a loss mitigation application to their lender.
Can I Sell My Home in Foreclosure?
You can’t technically sell your home once it is in foreclosure, unless you apply for a loss mitigation or get special permission from your lender. You can, however, sell it during preforeclosure without any issues.
How Can I Sell My Home?
There are two common ways of selling a home during preforeclosure.
1. Short Sale
The first is what is called a short sale. In a short sale, you sell the home for less than its market price. This is done so you can sell the home quickly, and in turn, pay back your lender ASAP. While lenders aren’t always keen on short sales, they do prefer this over foreclosure sales. If you’re interested in conducting a short sale, you need to inform your lender beforehand and get their written approval.
2. Sell to a Cash Home Buyer
If you want to sell your house fast in Ohio, selling to a cash home buyer might be the perfect solution for you.
Cash home buyers offer to buy your home for cash upfront. The process of selling your home to them is simple—just give them information about your house, they’ll make an offer, and after some negotiations, they can close at your chosen schedule.
Selling your home to these kinds of buyers usually takes a few days or at most a week since they do not have to go through lenders. Plus, they’ll buy the property as is, so you don’t have to repair or remodel the place to convince them to make an offer.
Ready to Sell Your Home?
Offer Express is a company of professional cash home buyers in Columbus, Ohio and we buy houses to give home sellers a fresh start. We buy houses in Columbus, Ohio and we do it as quickly as possible! Our service includes no repairs, no inspections, no agents, no fees, no commissions.
Selling your house to us is simple. Submit information about your house, and one of our agents will look through it and make an offer. You can choose to accept it or negotiate the price. Once we make a deal, we will come up with a closing date on your timeline. The cash will be yours in your chosen schedule.
Call us today at (614) 820-5777 to get your fair cash offer.