Legal Question in Credit and Debt Law in Ohio

home foreclosure

I have a mortgage on home in Ohio and Alabama. Primary residence is Alabama. We transfered Jobs to Al and thought our house was sold at the time. The lease fell thru tenant left home and now we are stuck with both and cannot afford both payments any longer. What will happen if they foreclose on home in Ohio?

Asked on 2/01/09, 11:15 am

1 Answer from Attorneys

James Patterson Underwood & Reimer, P.C.
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Re: home foreclosure

The foreclosure will report on your credit report and the bank will sue you for the difference for what it sold for at foreclosure and the balance owed on the mortgage. You may need to look into filing bankruptcy. Give me a call to discuss further.

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2/04/09, 10:09 am

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