Whether you know a foreclosure is coming or not -- if you've been missing monthly payments, you probably had an idea of where things were headed -- you need to know what to do when you get the notification from the lender. Maybe you plan to fight the foreclosure and try to save your home. Maybe you just want to make sure you get through the legal process properly. No matter what, acting quickly and understanding the deadlines is key.
In Ohio, you have four weeks to respond once you get that notice in the mail. Technically, you're given just 28 days. This is to avoid confusion over work weeks and weekends. They all count.
If you don't respond quickly enough, the court just assumes that you don't have any objections. They'll then rule against you and they can rule that your home needs to be sold to pay off your debt. As you can see, it's critical to respond in time if you want to take any other action.
However, it is important to note that the whole process doesn't fly by in just 28 days. Generally, everything won't be completed for at least four months. It could also take six months or longer. All situations are different, and some of it depends on what actions you take. For example, filing for bankruptcy puts an automatic stay on the case, so this can extend the timeframe by forcing the bankruptcy case to conclude before the foreclosure case proceeds.
These are just a few of the key deadlines and dates you should be aware of. Always make sure you understand every step in the process before deciding on your best course of action.
Source: Ohio Bar, "After Foreclosure: What You Should Know," accessed Dec. 09, 2016