Almost everyone involved loses in a foreclosure in Cincinatti, Ohio. Homeowners lose their houses. Banks incur losses. Property values in surrounding neighborhoods fall.

The good news is you can avoid foreclosure. Selling the property before the foreclosure process is complete is one of the best options. Throughout this guide, we’ll explain how you can sell your home in foreclosure in Cincinatti.

Foreclosure Process in Ohio

Missing a few mortgage payments will probably result in letters and phone calls from the servicer. Under federal mortgage servicing laws, the servicer must contact you (or attempt to contact you) within 36 days after each missed payment to discuss “loss mitigation” options.

When the loan defaults, you will receive a breach letter from your lender. In the event of a default, the lender can accelerate the loan and foreclose.

In general, federal law requires the servicer to hold off on a foreclosure until a loan is over 120 days delinquent. In a few cases, like when you violate a due-on-sale clause or when the servicer joins a superior or subordinate lienholder in foreclosure, the foreclosure can start sooner.

In Ohio, the lender must file a lawsuit to foreclose. Once you receive a summons, you have 28 days to respond by serving a written reply to the lender’s attorney and filing the reply with the court.

The lender will probably request and receive a default judgment if you fail to file an answer. This will allow the lender to hold a foreclosure sale.

Responding to the lawsuit, however, will involve the litigation process. After that, the lender may request a summary judgment from the court, especially when there is no dispute about the critical aspects of the case. If you lose at trial or the court grants summary judgment to the lender, the judge will order the house sold at foreclosure sale.

Selling Your House Before Foreclosure

Selling your home before foreclosure becomes a done deal can be done in two ways.

1. Short Sale

In a short sale, your home is sold for less than what you owe on the mortgage. The catch is that the lender has to agree to the sale. The bank can prevent a sale if it will result in a loss it is not comfortable with. However, it may agree to a short sale if they’ll lose less than in the foreclosure process or if they want to get rid of the property faster.

Once the bank approves the short sale, you can proceed like you would normal real estate transactions. Most of the time, it involves hiring a real estate agent who will help you in listing your home, as well as marketing it and negotiating with potential buyers.

However, this process would take some months, which is not ideal if you’re in a hurry to avoid foreclosure proceedings. It might also not be friendly for your finances, since selling the traditional way might involve remodeling and repairing parts of your property to make it attractive in listings.

2. Cash Home Buyers

If you’re in a hurry to avoid foreclosure proceedings, 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 days or weeks 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.

Get a Fast and Fair Offer on Your Home

At Offer Express, we buy houses in Cincinatti, Ohio and give home sellers a fresh start. We are local home buyers who are serious about buying your house. 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.