What You Need To Know About the Process of Foreclosure in Fairfield OH
One of the things that scares a homeowner most is a foreclosure notice. When you have invested money, time and effort in the process of getting a house, you do not want to lose it because of a few months of missed payments. Not many people foresee the possibility of being unable to make a payment when they start the process of getting a home through mortgage. If your home is facing foreclosure, it is possible to avoid losing it when you hire a competent lawyer. Here is what you need to know about the process of Foreclosure in Fairfield OH.
Getting the notice of default
Normally, many homeowners realize they are in trouble when they get the notice of default. This is presented after three to six months of defaulted payments. The notice will also be put at the county recorder’s office for it to be compliant with the state laws.
This is followed by a reinstatement period that can run for up to 5 days before the foreclosure sale. Once you have been issued with an NOD, you should look for a lawyer immediately. This is the person that will help you determine the best way to get a reinstatement plan and actualize it. Normally, the lenders will require you to bring the loan up to date. However, it is possible to negotiate a workable plan. Some possible courses of action at this point could be as follows:
- The lawyer could at least negotiate for an extension from the lenders.
- If you are in a complete financial mess and cannot manage to get the money, they may advise you to file for bankruptcy. A successful bankruptcy filing prevents the lenders from auctioning off your house.
As you can see, it is important to get a competent attorney to help you get a foreclosure notice withdrawn and to get a reinstatement plan in place. Visit R. Dean Snyder, Attorney at Law for a great reinstatement plan. These experts will help you figure out the best way to get the mortgage up to date and buy you time. With a competent attorney, a NOD will not lead to your property getting auctioned off. For more information about Foreclosure in Fairfield OH, Visit website.