Vance P. Truman, Attorney at Law
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foreclosure Archives

You can't take everything during foreclosure

The bank forecloses on your house. You have to move out. You know that you can take your personal items, even the large furnishings, like your couch and your dining room table. They don't go with the house, and you can move them to your new residence. But is there anything that you shouldn't take?

Mortgage loan delinquency and foreclosure rates reach 20-year low

The property business intelligence company CoreLogic published data earlier this month that shows that the number of homeowners that are delinquent in paying their mortgages and are in peril of losing their homes to foreclosure is currently the lowest that it's been in nearly 20 years. The number of homeowners that were struggling to pay their mortgages was holding strong at just below 4% by the end of the third quarter of 2019. Less than .5% of those individuals were facing foreclosure.

Keep in mind that the Ohio foreclosure process moves fast

If you're behind on your mortgage and are concerned about losing your home, then you must act fast. The foreclosure process here in Medina and elsewhere in Ohio moves quickly. A mere 180 days may elapse between you being you falling behind on payments and the sheriff's office telling you to vacate your property. There are milestones that you can plan for at every step of the Ohio foreclosure process.

Will a foreclosure make it harder to rent?

You spent years renting apartments in Ohio. Then you decided to take the plunge and buy a house. Unfortunately, you lost your job shortly after buying. This led to foreclosure. You feel like this just means it's time to go back to renting, but then you realize you may have a serious problem. Will you now find it impossible to get a lease because of that foreclosure on your financial record?

There are alternatives to foreclosure

The real estate and property data company ATTOM Data Solutions published a report last month that shows that foreclosure rates declined significantly in both the Akron and Cleveland metro areas during the first half of 2019. This is the opposite of what has happened in many other major cities across the country that have seen a significant increase in foreclosure filings during this same period.

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Medina, OH 44256

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