Mortgage Foreclosures
In today’s economy, many people are struggling to keep up with their
monthly mortgage payments. Foreclosures have been on the rise for the past few years. Ohio had the 7th highest U.S. foreclosure rate in 2008. The number of Ohio homes foreclosed on last year hit an all-time high of 85,773.
If you are having difficulty making your mortgage payments, you should take the following steps to help you stay in your home:
Ø Contact your mortgage loan servicer at the first sign that you may have difficulty in making your mortgage payments. Explain your circumstances and ask to participate in a workout resolution. Even if the foreclosure process has started, it is not too late to reach out to your servicer.
Ø While working with your servicer, contact a housing counselor—approved by the U.S. Department of Housing and Urban Development—to discuss your options.
If your loan servicer has already started foreclosure proceedings against you, please contact Edward L. Gilbert Co., LPA at 330-376-8855. After you have been served with the foreclosure complaint, you have only 28 days to file an answer. If you do not file an answer, a default judgment will be entered against you. This means the court will assume that you do not dispute the servicer’s claims and will issue the order for the sale of your house.