Save the Dream Ohio : OH Mortgage Help Workshop

Topic 1: Coping with Tough Financial Times
Click here to download the complete Ohio Mortgage Help Workbook

Today's economic environment can be very stressful. Many Ohioans are dealing with multiple personal challenges, such as:
  • Loss of employment
  • Changes in mortgage payment
  • Unpaid bills
  • Caring for an elderly parent
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  • Reduction in income
  • Divorce or separation
  • Sudden disability or illness
  • Other life-changing event
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    • These events can affect homeowners' ability to make their mortgage payments on time and as agreed. When this happens, the lender may decide to foreclose on the home. If you are facing financial challenges and are at risk of falling behind on your mortgage payments, it is important to:
    • Understand when delinquency begins and when foreclosure proceedings may occur;
    • Call Save the Dream Ohio at 888-404-4674;
    • Contact your mortgage servicer to discuss your situation; and
    • Stay engaged by keeping communication lines open and reading all mail related to your mortgage.
    • Understanding Delinquency
    • It is important that you understand when mortgage delinquency begins and where you fall in the delinquency and foreclosure timeline. Your options for staying in your home and fixing your financial situation vary depending on where you are in the process.
    • Ohio Foreclosure Timeline
      Foreclosure Timeline
    • Day 1: You fail to make your mortgage payment by the due date.
    • Days 16-30: Your mortgage servicer assesses late charges on your account and attempts to contact you to find out why you missed your payment.
    • Days 45-60: Your servicer sends you a "demand" or "breach" letter that tells you that you have violated the terms of your mortgage.
    • Day 90: At this time, your servicer may refer your account to its foreclosure department, which will begin foreclosure proceedings.
      • Foreclosure proceedings begin when your mortgage servicer files legal documents at your County Court of Common Pleas. This action is called a "complaint." Once the case is filed, the court sends you a copy of the complaint and a summons by certified mail and/or asks a sheriff’s deputy to deliver the documents.
      • When you receive the complaint, you must act quickly. You have 28 days to respond to the summons. If you are not already working with a foreclosure counselor or attorney, you should call Save the Dream Ohio to be connected with someone who can guide you through the foreclosure process.
      • In Ohio, you may request foreclosure mediation, during which a mediator facilitates negotiations between you and your mortgage servicer. Mediation processes vary by county. Click here for more information.
      • If you do not respond, your mortgage servicer may file a motion with the court for a "default judgment." If the court grants your mortgage servicer’s motion, the mortgage servicer may begin preparing to sell your home at a sheriff’s sale.
    • Days 118-150+: Some servicers move more slowly than others in filing a complaint and filing a motion for a default judgment. Once the court grants the default judgment, the sheriff will appraise the value of your house, and the house will be put up for sheriff's sale. You may still have time to save your home, so contact Save the Dream Ohio immediately if you have not already done so.
    • Redemption Period: After a sheriff's sale, the sheriff has up to 60 days to inform the court that the sale took place. Then, the court must confirm the sale within 30 days. The time between the sheriff's sale and the confirmation is called the "redemption period." You have the right to buy back your home during the redemption period. If you choose to do so, you will owe any fees and costs incurred as a result of the foreclosure.
    • Execution of Writ: You will be given a notice by the sheriff that you must leave your home. The amount of time varies by county.
    • Remain Engaged
    • As you learn more about your options, you will find there are many different people who will be involved in this process.
    • Work closely with your housing counselor or attorney to keep everyone informed about the latest developments regarding your mortgage loan modification, delinquency, refinance, or foreclosure.
    • Open mail, answer or return all calls, and share with everyone important notices, letters, offers, and anything else you know.
    • Keep records of all correspondence you receive regarding your mortgage, and keep detailed notes on all conversations you have with your mortgage servicer and others working with you on your mortgage. Be sure to ask for employee identification or badge numbers for individuals you speak with over the phone.
    • Help yourself by creating a Contact List with the names and phone numbers of all parties working with you or with another party involved in your mortgage delinquency or foreclosure proceedings.

    Save the Dream Ohio Hotline 888.404.4674