The first foreclosure notice is not the end of a mortgage story, by any means, in Ohio. This notice is only a step in a process that doesn’t necessarily end with someone losing their property. For Ohio homeowners, understanding the first notice (lis pendens) is crucial to exploring your options for handling the situation and keeping your property.
Have you received a foreclosure notice in Ohio? You still have options. Call 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) for a consultation with the experienced bankruptcy attorney at Fesenmyer Law Office today!
Understanding the First Notice (Lis Pendens)
The first foreclosure notice (lis pendens) is simply a notice that legal action has been initiated against a borrower who is in default on their mortgage. It is not a notice of default, however. A notice of default comes earlier in the foreclosure process when a borrower has failed to make proper payments for some time.
This first foreclosure notice is important because it informs potential buyers or lessees interested in a property that the property is currently the subject of a lawsuit. This notice, therefore, protects them from using time and resources to pursue a property with financial affairs pending.
Generally, receipt of a first foreclosure notice means that the borrower has 28 days to respond. Failure to do so can result in a default judgment for the party that initiated the foreclosure lawsuit. This means that if you do receive a lis pendens, it’s important not to hesitate to resolve the issue.
Immediate Steps to Take
After receiving a lis pendens, you will want to take prompt action within the period of time allotted to respond. You typically have 28 days to respond when you receive an initial foreclosure notice.
One of the first steps to take involves making sure that you have all of your mortgage paperwork and documents together. You should then verify that you understand your documents and the matters at hand to the best of your ability.
Another key step you will want to take is to speak with an experienced foreclosure attorney. Foreclosure attorneys can find effective options and solutions to your issue. In some cases, it may even be possible to hold onto your property.
In no event should you panic. Even though a foreclosure notice seems like a worst-case scenario, it is simply step one in a long list of steps that must occur before a lender can foreclose on a home. Failure to provide this notice or comply with other steps can result in significant liability for the mortgage lender.
For example, a mortgage lender can be held liable for any losses it causes a borrower to suffer as a result of bad faith practices or a failure to abide by the numerous statutes and regulations that control lender and borrower relationships and transactions.
Unfortunately, many borrowers are simply unaware of their rights in the foreclosure process, which can lead borrowers to make decisions that are not in their best interests. Foreclosure attorneys, however, protect their client’s futures and rights.
Fesenmyer Law Office is committed to helping clients throughout Ohio overcome their financial issues.
Exploring Your Options
You may have several options available if you are facing foreclosure. Which options you should explore depends on your circumstances. In any case, consulting attorneys can ensure that you make the right decision for your particular needs. A foreclosure lawyer can analyze your situation in detail and recommend the best path going forward.
Some of the many options available during foreclosure proceedings include:
- Filing for Chapter 13
- Negotiating with the lender
- Walking away from the house
- Considering loan modification
- Exploring forbearance
Regarding filing for Chapter 13, this option can be a good choice for those who need time and space to sort out their affairs. Filing for Chapter 13 automatically leads to a stay of all debt collection proceedings, including foreclosure collection efforts.
The Role of a Foreclosure Attorney
Foreclosure attorneys stand with borrowers during difficult financial times. Ultimately, a foreclosure lawyer’s job consists of protecting the financial interests of their clients and fighting for the most optimal resolution to proceedings.
Lender Negotiations
Attorneys are top-notch negotiators with the skills and experience to protect their clients’ interests. Common subjects of negotiation in these matters might include:
- Payment amount
- Payment schedule
- Lender accountability for violating foreclosure procedure
Whatever the issues involved in your case, your attorney can find the leverage required and vigorously fight to protect your interests. Your attorney can handle the process every step of the way.
Court Representation
In Ohio, foreclosure is a judicial process that may require significant court involvement. However, the majority of judicial foreclosures never make it to trial. Instead, parties often work to resolve the issues outside of court through negotiations.
Sometimes, though, foreclosure actions still end up in court. When they do, it is important for borrowers to have the representation they deserve, as the lender will also have counsel guiding and representing them.
Tailored Guidance
Generic, cookie-cutter guidance is helpful only to a point, because people’s lives vary greatly from one another. Experienced attorneys can provide their clients with general counsel and guidance initially but then tailor that guidance directly to their clients’ needs.
Peace of Mind
Borrowers who work with experienced foreclosure attorneys can benefit from better results as well as more peace of mind, knowing that their affairs are being handled by a professional looking after their interests. This peace of mind allows those facing foreclosure to make clear-headed decisions about the future of their finances.
Contact Our Expert Bankruptcy Attorney Help Today
Foreclosure is an issue that no property owner wants to deal with. However, foreclosures are common and frequent in Ohio, and you may have many options for handling yours. If you are facing foreclosure, seeking representation to protect your rights and future is vital.
Receiving a foreclosure notice does not mean you will inevitably lose your property. The right legal professional can help you discover your options. If you are facing foreclosure and considering bankruptcy, call our team at Fesenmyer Law Office at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) for a consultation today.
