Rental Property Foreclosure Ohio?

Question

Have 4 properties bought through a brokerage that produced fraudulent (doctored after I signed) loan apps and is being prosecuted - my banks don't care about that.
- all four properties are being foreclosed on after trying to sell them for over a year.
-I have 3 legitimate properties including my personal residence that I want to keep or shield my equity in from these creditors.
Obvioulsy I deserve blame for taking the bad loans, and so my credit is ruined, but don't fault me because inflated appraisals won't allow me to sell these for what I owe or anything else for that matter.

What can I do? I lose everyting in bankruptcy anyway, it's to late to "hide" these properties as Im told. Do I have any way to avoid deficiency judgements?

I've talked to 3 attorneys but no real advice yet. How do I find an expert?

I've been begging for deed in lieus since the day I mised my first payment.

Answer 1

Ohio Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

http://www.truthinforeclosure.com/state-laws.html



The only bright side I can see is:

Deficiency: A deficiency judgment is allowed, but void after two years from the confirmation of sale.

http://www.entrusthome.com/42-stop-foreclosure-ohio.php

Answer 2

2

Answer 3

Find a real estate attorney. You can still go after the broker. You have 3 years do so in.

File a hugh lawsuit against the broker they should have insurance that you can go after as well. It would be the insurance company during the time they where in business.

The banks better care about that as it is there duty to turn the loans back to the broker and not continue to foreclose on your properties.

What do you mean by deed in lieus?

I would recommend that you rent each home out. Put them on craigs list. File Chapet 13 bankruptsy. This way you have the homes and you are allowed to pay the bank back over a 60 month period. In the mean time hire a good real estate attorney. And also a good bankruptsy attorney.. also tell the trustee of the bk that you have a law suit pending for the homes.

I wish you the best of luck.

Also you can send a letter to the banks asking

for the mortgage forgiveness debt relief act of 2007 H.R. 3648 Signed into LAW by President Bush in Dec. 20 2007

Answer 4

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Answer 5

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