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What steps can you take to reduce the chances of foreclosure?

As an Ohio homeowner, you may take tremendous pride in your home, as it is likely the place you raise children, make memories and otherwise spend your free time. If, like so many others, however, you are struggling to keep up with your mortgage payments, you may have very valid concerns about whether you may lose the place you and your family call home. While, ultimately, whether you will lose your house in a foreclosure will depend on a number of different factors, there are several steps you can take ahead of time to reduce the chances of this happening.

According to This Old House, one of the most important things to do when you have concerns about foreclosure is to avoid waiting around until your situation becomes dire. Once you become upside-down on your home, your options become limited, so your best bet when facing the threat of foreclosure is to act quickly. With this is mind, one thing you can do as soon as you start struggling with mortgage payments is contact your mortgage lender and discuss whether you have any options.

If your mortgage is still in good standing when you make such a call, your lender may be more likely to negotiate with you. You may, for example, be able to settle on a repayment plan with your lender, or you may be able to modify your loan to make it more manageable for you.

You may, too, depending on certain circumstances, be able to qualify for some type of assistance or program aimed at helping people stay in their homes. Certain programs assist, for example, active military members who are struggling with mortgage payments, but wish to remain in their homes.

This information about avoiding foreclosure is educational in nature and does not constitute legal advice.

 

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