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How to respond when foreclosure is looming

No one in Ohio set out to buy a house with hopes of falling behind on mortgage payments and eventually going into foreclosure. That just does not happen.

Instead, young couples and other homeowners sign up for a mortgage dreaming of the day they will pay it all off and officially own the home they love. Sometimes, though, the dream falls apart. A major medical diagnosis coupled with a crippling layoff can even catch financially stable families off guard. 

What can they do if this happens?

What to do when facing foreclosure

A story in USA Today has some ideas. First - and any wise credit counselor will likely say this - "have an honest conversation about [the] financial situation." A spouse should talk to his or her significant other, and both should talk to the lender. Spouses can walk through the difficulty better together, and lenders could potentially negotiate a new mortgage rate. Individuals in a financial crisis should not shy away from talking about it with those it impacts directly.

Other tips from the article include:

  • Look for ways to bring in some additional cash
  • Run the situation by a real estate agent who is a specialist in foreclosures
  • Consider getting advice from counselors trained in these processes

How to prepare a foreclosure defense

If a lender moves forward with foreclosure proceedings, the Ohio Bar Association says to "remember, the mortgage lender still must prove its case." Families in this situation may feel they have no foreclosure defense, but the Ohio Bar Association reminds borrowers to ask for documentation of everything the lender plans to use in court, including witnesses' names. Ask for extended time and inquire about mediation, which may offer additional alternatives to selling the home.

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