Columbus Foreclosure Laws & Lawyers

Columbus foreclosure rates rose at a faster pace than both the state and the nation in the first quarter of 2009.  Columbus felt a 14 percent increase in foreclosure rates than the same period in the previous year.  Over 6,000 homes were in some phase of foreclosure in Columbus, a number translating into 1 in every 127 homes, making Columbus foreclosures the 49th highest in the United States.

Columbus Foreclosure Laws

Columbus foreclosures are defined by the state of Ohio and enforced through the court system.  In Ohio, only the mortgage document is used as the primary security deed, thus eliminating the quicker trustee foreclosure sales often seen in most other states.  A rundown and summary of Columbus foreclosure laws are as follows:

How a Loan Modification Can Help Stop Foreclosure

Most lenders do not want to foreclose on a home.  The process is long and costs are expensive.  In most cases, the lender does not recover all the cost of the loan and fees associated with the foreclosure.  That is why it is in the best interest of the lender to modify an existing loan if a borrower has come across some financial difficulty.

A loan modification changes the terms of the original mortgage promissory note.  Helpful modifications that could help save a foreclosure and reduce the mortgage payment are any of the following:

• Lower interest rate – A lower interest rate can result in a more affordable monthly payment.
• Longer loan term – The term in which the final payment date is extended and re-amortized can also effectively lower the monthly payment amount.
• Forbearance – In some cases, a lender may even agree to a temporary forbearance of the monthly mortgage payment obligation.  This gives the borrower time to catch up on finances and continue with regular payments, which is usually within 3 to 6 months.  Interest continues to accrue on the loan, however, during forbearance.

Getting Columbus Foreclosure Help

The statistics show that Columbus foreclosures are at a higher rate than most other parts of the country.  With over 7,500 total homes in foreclosure in Columbus, there are many investors waiting to buy cheap property.  But homeowners facing foreclosure can find help in Columbus.  There are many programs available that offer help, including aid and advice from the county court system and even civic and other government programs.

However, the best advice on stopping foreclosure can usually come from a qualified and certified Columbus foreclosure lawyer.  A foreclosure lawyer specializing in real estate and Columbus foreclosure laws will usually provide a free consultation to go over a case and determine a right course of action.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Columbus to see your best options you have available to avoid Foreclosure.