If your property goes into foreclosure what are your next steps

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If your property goes into foreclosure what are your next steps

Was unable to pay the monthly payment poppy
went into foreclosure what are my next steps

Asked on September 29, 2017 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You could voluntarily agree to the foreclosure, such as in exchange for them forgiving any personal debt (i.e. they will take the property as their sole recourse or payment) and/or for extra time to move out. Or you could try to fight the foreclosure, but while fighting may delay matters as it goes through the court system, if you failed to make your payments, they will win and be able to first foreclose, then remove you from the property--and then, if they deem it worthwhile, also sue you for any unpaid remaining balance after the home is foreclosed upon, sold, and the proceeds of the sale (less costs of sale) applied to the amount you owe. You therefore should discuss with the possibility of settlement, to either avoid a later lawsuit and/or to get a confirmed amount of time you can remain in the home before having to leave.


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