Legal Question in Real Estate Law in Ohio

What are the implications of no longer paying a mortgage I cannot afford? I Had to file bankruptcy in 2013. Then I had to re-finance home due to divorce. Now my insurance company re-assessed my insurance and due to my credit score and age of my dwelling my premium nearly doubled. I now cannot afford the mortgage payment with the escrow shortage added in.

Asked on 2/25/16, 5:57 pm

1 Answer from Attorneys

Jann Washington Jann C. Washington, Esq., LLC

Rather than not paying the mortgage and losing your home to foreclosure, I recommend that you contact your mortgage company and ask them for a loan modification package. You may get the runaround with the mortgage company in getting the documents back in, but if you want to keep your home and it goes into foreclosure, you can hire counsel to defend the foreclosure case and have your counsel work with the mortgage company to obtain the loan modification, or, possibly other exit strategies for leaving your home, if you don't want to stay there. Start by working with the mortgage company first, but if a foreclosure is filed, please contact an attorney to help you through the process, don't just ignore the foreclosure because you will lose in the end.

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Answered on 2/26/16, 2:51 am

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