The term “foreclosure” has recently been heard by almost everyone, is because it is often used in knowing what actually foreclosed property is by a large number of people. This position will allow you to understand and to know the different reasons and terms in foreclosure processes in Ohio.
Foreclosure and Mortgage Company, mortgage repairers, mortgage investors, are all legal process when you have not made house payments and the lender is trying to take possession of your home. The process is filed as this that a lender will state that the owner of my mortgage can be set as you or as “default” failed to make payments and it is requested to foreclose the house. This is the kind of action that can be taken against you.
“Default” on the homeowners, this means that you failed to pay the monthly installments in time. Contrary to popular belief, homeowners may be slow to start three months before the foreclosure is done. In fact, having missed payments, foreclosure can start the day you miss a second month payment. Well, a few payments miss are like a little problem that can be sorted between lenders and borrowers; however it is not legally possible.
In most cases of foreclosure, homeowners are behind at least four months. About 30 days before the foreclosure is filed in court, the owner is sent the “notice of default” and it will be a legal notice. In some cases, this letter, is something that “aims to speed up” the legal processes. Unless the borrower repays the money for a specific date, the lender will then tell the borrower that foreclosure proceedings are instituted against him.
Assuming you cannot pay the landlord, mortgage company has requested to notify the default character and then to turn it into a foreclosure complaint in the petition. The General Court of the county is sitting in your house so to speak when they file your case. So your house undergoing Ohio foreclosure process will be subjected to the Court of Common Pleas of Wood County case. Foreclosure copies are needed if the complaint was to be sent to all persons interested in the property. This includes the person who signed the mortgage, the complaint, the person, accounting for the County and other persons or companies means.
Therefore you need to make sure that you make all your payments fast and on time otherwise you will be facing the consequences of having a notice sent to you and at times those notices are not even disputable. It is up to the lender when and how he chooses to get a dispute up against you and even one missed payment can make you be in for a foreclosure case you need to make sure to make all payments on time and within the given dates.