Vance P. Truman, Attorney at Law
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330-591-4729

foreclosure Archives

One reason for foreclosure: Your health

When you hear that someone's home is in foreclosure, what do you think is the reason? Do you wonder if they got themselves into overwhelming debt through poor purchasing decisions? Do you assume they bought a home they could never really afford? Or maybe the breadwinner recently lost their job?

Akron commercial district saved from foreclosure

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.

Could bankruptcy actually help with foreclosure proceedings?

Falling behind on your bills can impact your credit. Falling behind on your mortgage can impact your ability to remain a homeowner. Regardless of why you find yourself struggling to make your mortgage payment, your bank will likely only give you so much leeway before they start taking action. Efforts to collect on that debt could include foreclosure on your property.

Could you benefit from foreclosure affidavits and robo-signing?

When a bank or loan holder applies to foreclose on a property, there is a tremendous amount of paperwork that the loan officer needs to review. An important document that is included with this paperwork is a foreclosure affidavit. This affidavit is signed by the loan servicer as a way of verifying that he or she has reviewed and double-checked the accuracy of all the foreclosure documents submitted.

How long will it take until that foreclosure leaves your record?

Like bankruptcy, foreclosure stays on your financial record. It impacts your credit score. In the future, lenders will be able to see that you didn't pay on your loan and lost your house, and it can impact your ability to get new loans and lines of credit.

Get legitimate help when facing foreclosure in Ohio

When you can't make your mortgage payments, your lender could begin sending you foreclosure notices. Because you haven't paid your loan as agreed, your Ohio lender can threaten to take possession of your home, evict you and sell the property to recoup the loan.

Study: The value of foreclosed homes is increasing quickly

The general trend for home values in the United States, in the wake of the recession and the dramatic dip in value that it created, has been a notable increase. While there are exceptions, many homeowners have seen the values of their homes rise.

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689 Lafayette Rd.
Medina, OH 44256

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