Debt has made failure to keep on mortgages a real problem across Ohio. Cuyahoga County, home to Cleveland and Euclid, has been in the top ten counties for foreclosure nationwide in recent years. Fortunately, the risk has been dropping even though the ranking has not moved.
Most people assume that the threat of foreclosure is the end of the battle, but there are ways to avoid it and the resultant auction of property. A large mixed-use structure based around multiple buildings in downtown Akron had been slated for sheriff's sale for months during the end of 2018. Recently, the lender withdrew its request for the Summit County Sheriff's Office to sell the complex.
Court records show that the defaulting borrower reached an agreement with the lender to deed the property away to avoid foreclosure. The new owner may be the lender, or a party chosen by the lender. This arrangement will hopefully keep the commercial and residential spaces open, as they form a significant part of the city's business district.
There are alternatives to foreclosure if a borrower is behind on a mortgage. This is especially true if a large chunk of the full amount has already been paid.
An attorney can help people facing serious debt and the chance of foreclosure. Legal representation can work with creditors and lenders to work out possible options before an unexpected loss of property and assets. Even if tax liens affect a person's ability to sell a property in trouble, a lawyer can assist with clearing these obligations and preparing a property for sale.