This is part of our series “Stop Foreclosure in Your State.”

Foreclosure in any state is a complex process. There are deadlines, guidelines and variations that depend upon whether a state uses mortgages or deeds for the purchase of real estate. In Ohio, the lender issues a mortgage, which means that foreclosure is done through a court action against a borrower in default. Below is a table that illustrates the standard facts around a foreclosure in Ohio.

There are ways to stop foreclosure Ohio, though there is no redemption period (which would allow the homeowner to pay the outstanding balance and reclaim their home even after a sheriff’s auction of the property).

One of the simplest and most common ways for a homeowner to stop a foreclosure is to consider a loan modification. The government has recently poured billions of dollars into the mortgage industry in order to help banks offer easier modification programs to their clients.

Pursuing this course of action, however, is the responsibility of the borrower and not the bank, and even with the financial support of the government, not all borrowers will quality. All lenders are encouraging homeowners to contact them at the very first signs of financial difficulty.

This means that the best way to stop foreclosure Ohio is to recognize that it might be possible in the near future and take the necessary steps to prevent it altogether. Consider that the entire foreclosure process in Ohio takes roughly 217 days. While that seems like a lengthy period of time, it could begin as soon as a homeowner misses a single payment. This means that time is of the essence when working to stop foreclosure Ohio.

If the borrower understands that they are not going to be able to pay their mortgage they should sit down and draft an honest and realistic income versus expense sheet. This will accurately illustrate where their income is going and how much is really available for their housing. With this figure they can approach their lender to discuss their options in loan modification.

The modification process also includes some second mortgage products that can help a borrower get caught up in any back payments while also modifying the existing mortgage. This means that, in order to stop foreclosure Ohio, the borrower may have to pursue several different loans at a single time. This is the reason that many consumers are turning to loan modification companies to help them quickly and effectively stop foreclosure Ohio.

As always, thanks for reading this post and if you enjoyed it be sure to comment below. Also, check out our FREE 2009 Loan Modification Guide: Saving Your Home From Foreclosure.