Foreclosure Filings

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Foreclosures basically can be categorized into two types - judicial and non judicial. Although, it can be considered as an unfortunate event to happen in a person’s life, a foreclosure is not the end of the world for the borrower. First a notice of intent has to be filed against them in a court and in many cases negotiations leading to settlement between the parties are reached. The foreclosure can be filed for in the following process:

Foreclosure Filing Process: Judicial Foreclosure

In case of default in mortgage payment the lender can file a case known as foreclosure filing and obtain an order directing you to vacate the house. However for the lender to takeover the possession of the house the court case must be settled and the ruling be in favor of the lender. Till then the lender cannot use force to get possession.

The foreclosure process starts with the lender filing a complaint specifying that the lender is liable to receive his outstanding dues. This is accompanied by the note that you signed and the Mortgage. A complaint obligates a response within 28 days of mailing.

The response that is filed within 28 days is called the 'answer'. If an answer is not filed then the lender can get a Default Hearing from the court.

The borrower has the right to get a warning before a hearing and no ruling can be given without giving him a hearing.

In Cuyahoga County, Magistrates can hear foreclosure cases. However, the Magistrate’s final award is not final until it has been ratified by a Judge.

Only the borrower has the right to stay in the house till the eighth day after its sale in the Sheriff’s Sale. This sale of the house must be made on the order of a court.

Lenders can get help from the Loss Mitigation departments with regards to foreclosure.

A Foreclosure Complaint is allowed to be filed within of a foreclosure Complaint and the Sheriff’s sale used to take anywhere between 1 ½ and 2 years.

Foreclosure Filing Process: Non Judicial Foreclosure

The Notice of Default (NOD) is the first step in the non-judicial foreclosure filing. The Trustee signs this document and its causes are recorded in the Office of the County Recorder. Copies of the Nod are mailed to the concerned parties.

Notice of Sale: The minimum waiting period before a Notice of Sale can be published and recorded is three months. However until five days before the Sale date the borrower can reinstate the loan.

Notice of Auction Sale: After the Notice of sale is done with the notice of auction sale can be published twenty one days in advance indicating the place, date and time of the sale, in a local newspaper.

Notice of Trustee's Sale: The Notice of Trustee's Sale shall specify the date, time and location of the auction.

Foreclosure Filing Process: Auction Sale

Finally the foreclosure filing ends with the auction sale in which bidding can take the form of either -Full Credit bidding, or under bidding, or Bidding Instructions.

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