If you are facing a sheriff’s sale in Ohio, then you have already advanced into the foreclosure process for the state. This is not necessarily a good thing, but it is important to keep in mind that your foreclosure, like many other legal or financial processes, requires time and multiple confirmations to proceed. There are many methods by which you might delay or prevent your home being auctioned off.
The Ohio Housing Finance Agency’s Save the Dream project has a visualization of the foreclosure timeline online that you might find useful. On it, you might notice that your lender may file a foreclosure complaint after you miss three mortgage payments. Regardless of how your lender may word the letters they send you, all legitimate lenders are subject to certain rules limiting how they collect debts. Formal complaints may only be filed under certain circumstances.
Even if you find yourself in the collection and auction period, filing for chapter 7 bankruptcy might be enough to halt any processes related to a sheriff’s sale. This special bankruptcy status might allow you to maintain your most crucial assets while paying a restructured form of the debts you owe. You must meet certain qualifications to claim this type of bankruptcy, however.
You may also have noticed that there are many phases to foreclosure on the Save the Dream timeline. Each of these comes with specific responsibilities for you, the court and your lender. Understanding them might be the key to saving your home. Please do not use this page as legal advice. It is intended only as educational material.