- 1). Call the Save The Dream hotline in Ohio at 888-404-4674. The Save the Dream program was created by Gov. Ted Strickland in an effort to help stop foreclosures. Housing counselors are available free through the hotline to discuss options to stop your foreclosure.
- 2). Consider a short refinance thorough a local bank in Ohio. A short refinance is different from a traditional refinance, because a short refinance does not cover the entire loan balance of the original mortgage. The lender may agree to receive a lesser amount if the house is be considered hard to sell; applying in person may expedite the process.
- 3). Find a reputable bankruptcy attorney in Ohio. You can file a Chapter 13 to stop the foreclosure; having an experienced bankruptcy attorney is important when facing a foreclosure because of the swift time line. Chapter 13 bankruptcy will allow you keep your property and reduce your monthly payment.
- 4). Create a short sale agreement with your lender. Placing your property up for a short sale in Ohio will stop your foreclosure. A short sale agreement is when the lender agrees to take a lesser amount than the loan balance and considers the debt paid in full. The property will sell faster because it is listed at a price below market value, making it more attractive to buyers.
- 5). Use the deed-in-lieu process to walk away from the property. This usually happens after you have exercised all other options. A deed-in-lieu allows the lender to receive the title to the property and consider the property paid in full. You will have to move out and lose the property but there will be no foreclosures lingering on your credit, making your next home purchase easier.
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