Behind on mortgage payments in Ohio? Don’t panic! There are many ways to keep up with your debt and pay off anything you need to, but it’s important to understand what you need to do before a foreclosure warning hits you. Foreclosure can be doubly difficult and even more expensive to get through, so you want to be able to avoid it as much as you can.
Before you assess all your options, we’ve compiled a quick list of things to remember so you can go through everything as smoothly as you can.
Read on below to find out more:
What is foreclosure?
A foreclosure is essentially a lawsuit imposed upon you by your lender if you’ve missed at least one mortgage payment. It is within their power to accelerate the loan or make it due immediately if you’ve missed at least one payment, but don’t worry too much about this clause. Most lenders only impose foreclosure if the borrower has missed at least three payments consecutively.
You might be wondering, “Can I sell my house in foreclosure in Ohio?” This is still possible for you to do, but it’s best that it’s done quickly. You may incur even more fees while faced with foreclosure so it’s best that you pay off your debts as soon as possible.
Learn more about forbearance
A unique financial fact to come out of the pandemic is that you can incur some assistance if you recently contracted COVID-19. Requesting forbearance means that as a recent COVID patient, you can ask your lender to delay the payment deadline of your debts without you having to incur late fees.
There is no additional cost to you if you want to request forbearance. You can be honest about the financial toll COVID took on you while explaining how you plan to pay off your debts.
Faithfully check your credit card reports
While faced with debt, it’s absolutely crucial that you don’t run into even more debt while trying to pay everything off. Always look after your credit card reports to make sure they’re on track. Communicate with your bank often to verify amounts charged to you, so any amount can be traced and won’t come as a complete surprise.
You might want to avoid large, unnecessary purchases with your credit card until you’ve been totally cleared of your debts. Even though you successfully sell your assets and can cover your debt easily, big purchases can lure you into incurring even more debt you won’t be able to pay off easily.
Beware of scammers
Even though your financial status might be a private matter, scammers have their own ways of uncovering and targeting homeowners who are in danger of foreclosure. Beware of individuals who are asking for your personal information (especially credit card information) posing as a government worker you’ve never met before.
Scammers can be extremely cunning and not the kind of bumbling thieves you might expect. They will likely be highly articulate with a deep knowledge of the inner workings of the bank or government branch they’re trying to claim themselves employees of. If you start to believe them during the course of the exchange, always remember that you need to verify their identity with existing contacts you can trust.
Unless verified explicitly by your bank, mortgage lender, or other relevant individuals you’ve talked to in order to avoid foreclosure, it’s best to not entertain these individuals, period. Try to report suspicious messages if you ever get them, too!
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