While many people try to avoid foreclosure via a short sale, sometimes this option is simply not available. As an example, in the case of a short sale, where the buyer is too far upside down in his or her payments, the bank may simply not allow the owner to sell their house at a discounted price. As a result, the owner could be forced into bankruptcy proceedings.

In this case, the bank may try to foreclose on your property. Luckily, since Ohio is a judicial foreclosure state, employing a Dayton lawyer or Dayton attorney can afford you a chance to save your home, or at worst, delay your eviction.

We say luckily, because the average judicial foreclosure takes several months to bring to closure. In addition, your lender must petition the court to start the foreclosure proceedings. During these proceedings, a Dayton Lawyer or Dayton attorney can provide assistance.

To initiate the proceedings, your lender must send you a notice of intent to begin foreclosure once you have missed at least one payment. At this point, your best course of action is to contact your lender to discuss alternative forms of payment (i.e. a new repayment schedule).

Once you have received the notice of intent, the lender can file a lawsuit. The next step involves receiving a summons and complaint, which gives you the opportunity to respond.

At this point, you have two choices: either respond or don’t respond. If you respond, your Dayton Lawyer or Dayton Attorney can help you craft a legal defense. If you choose to not respond, it is most likely the judge will allow the lender to sell your home.

After a judge grants permission to the lender to foreclosure on your property, you will receive a notice of intent to sell, which is where you are given notice that your house will be put up for auction.

The Dayton Lawyer and Dayton Attorney Guide hopes this foundational article on the foreclosure process has been helpful. If you are facing a foreclosure, it is important that you promptly contact a licensed Dayton Lawyer or Dayton Attorney.