Even though Ohio’s foreclosure rate is going down, there were still over 9,000 of them in March 2011 in the city of Columbus. A Foreclosure lawyer is certainly keeping busy. The rate varies by the zip code where the house is located in Columbus. A Foreclosure attorney keeps an eye out for these kinds of figures and can help you according to your specific circumstances.

Regardless of what mix of personal and financial occurrences lead to a foreclosure, the process can be simplified into three phases:

1. Pre-foreclosure – This phase starts with the first missed mortgage payment. This and the ones that follow will move the lender to send out past due notices to the payee. This is a good time to reach out to the lending institution and set up a plan to make your mortgage current. A housing counselor might be able to advice you on how to proceed.

2. Notice of Default (NOD) – After three to six months of missed payments, the lender will issue an NOD, which can be interpreted as a formal demand for payment. It represents the threat of selling the property and enforcing eviction. Even at this phase payment negotiations can take place to prevent the situation from moving further.

3. Sale of home notice – This is issued by the lender and recorded through the legal system. The homeowner will receive a copy in the mail and a physical sign may be placed on the property. The notice will state a date and time in which the house or building will be auctioned off to the highest bidder.

This whole process of losing the ownership of your property to the lending institution that made the purchase possible varies, in terms of time and conditions, from state to state. Each state has its own set of laws that apply to the situation. A housing counselor or an attorney are familiar with the specifics of the law, and can help you be fully aware of your rights and choices.

Unexpected situations that have a serious effect on your financial circumstance can lead to falling behind on your mortgage payments. It can be confusing and overwhelming, but you can avoid moving into the next phase in the process if you seek advice and negotiate with your bank some sort of payment schedule. You do not want to lose your home in such a public way.

Besides alternative payment plans, here are another three ways of avoiding foreclosure:

– Selling – According to your circumstances you can choose a discount broker or a full service broker.

– Short-selling – This means your home is worth less than what you owe. You will need to negotiate the debt balance after the sale.

– Signing deed – This means signing a deed over to the lending institution in order to avoid going through with the foreclosure proceedings.

If your life takes an unforeseen turn and you are faced with losing your home, make sure you do your due diligence to minimize the damage that occurs.

Author Bio: Stewart Wrighter recently spent time researching bankruptcy with the help of a Columbus foreclosure attorney for an article he is writing about the larger topic of the economy. He hired a Columbus foreclosure lawyer to represent his brother.

Category: Finances
Keywords: Columbus foreclosure attorney,Columbus foreclosure lawyer