Foreclosure Process, Step by Step?

[backontrackOH]

Well, this is my first post on the forum. We are a couple of weeks away from filing and we just past the '28 days' time to provide an answer to the foreclosure action. We were instructed by our attorney to not worry about replying, because we have no option but to file bankruptcy. I just want to find out what we should expect with the foreclosure process. We live in Ohio and my attorney has given me an idea about how long we have before we have to move. I have a few other questions. If someone has an answer, please reply.

1. Is there going to be any kind of sign in the yard or other advertisement once the house goes up for auction? Are we going to have people driving by slowly, looking or anyone taking pictures?

2. Are we going to have to 'show' the house to anyone? Is anyone going to be sent to appraise or inspect the home at some point?

3. How does the end of the process work? How much notice are we given before we have to vacate the property?

Any answers or suggestions would be much appreciated.

[lrprn]

Well, this is my first post on the forum.

Welcome to BK Forum! Glad you found us!

Regarding your five questions, it looks like most of your answers about what to expect during and after your Ohio foreclosure can be found here - http://www.ohiobar.org/pub/lycu/index.asp?articleid=155

We're here to help when we can. Post questions, vent on bad days, and share the joy on good days. Glad you're here!

[tay666]

Great link.
Especially since I am in Ohio as well, and will more than likely be surendering our house.
IT doesn't mention how the sheriff will appraise the house.
Anyone know?
Will they send an appraiser to come down and look things over?

[BassBoy]

Well, this is my first post on the forum. We are a couple of weeks away from filing and we just past the '28 days' time to provide an answer to the foreclosure action. We were instructed by our attorney to not worry about replying, because we have no option but to file bankruptcy. I just want to find out what we should expect with the foreclosure process. We live in Ohio and my attorney has given me an idea about how long we have before we have to move. I have a few other questions. If someone has an answer, please reply.

1. Is there going to be any kind of sign in the yard or other advertisement once the house goes up for auction? Are we going to have people driving by slowly, looking or anyone taking pictures?

2. Are we going to have to 'show' the house to anyone? Is anyone going to be sent to appraise or inspect the home at some point?

3. How does the end of the process work? How much notice are we given before we have to vacate the property?

Any answers or suggestions would be much appreciated.

Being an Ohioian, and having surrendured our home, I can answer a few of these questions. There will be some sort of notice afixed to the house that will be with regards to the Sheriff's Sale. You will not have to open the house to anyone for viewing. More than likely, the county treasurer will give the home a value. Don't be surprised if you see anyone driving by really slow and looking at the house. A lot of investors will watch the pre-foreclosure listings.

On the day of the sale, the house will start at auction for 2/3 of the treasurer's appraisal. After the sale, you will receive a notice to vacate sometime after that. It is usually a 30-day notice.

Great link.
Especially since I am in Ohio as well, and will more than likely be surendering our house.
IT doesn't mention how the sheriff will appraise the house.
Anyone know?
Will they send an appraiser to come down and look things over?

Like the answer(s) above, the county treasurer will value the home.

Just an FYI, the entire process will take anywhere form 12-18 months in Ohio.....so......take this time to rebuild any savings and get everyting back on the right path.

[tay666]

Just an FYI, the entire process will take anywhere form 12-18 months in Ohio.....so......take this time to rebuild any savings and get everyting back on the right path.

Thanks for all the great information.

So when you say it will take 12-18 months.
Are you saying we would get to live here in the house for a year or so without paying anything?
What about the taxes and insurance?

[BassBoy]

No cost living

Thanks for all the great information.

So when you say it will take 12-18 months.
Are you saying we would get to live here in the house for a year or so without paying anything?
What about the taxes and insurance?

Yes, you will live in the home for free. As for the taxes and insurance, in most cases, these are paid in advance so your mortgage escrow should take of these costs for the time being. If you vacate the home long before the Sheriff's Sale (like we did) and the lender gets the house after the Sheriff's Sale, they will notify your insurance that the home has been abandoned and your policy will be cancelled. The lender will acquire their own insurance for the home and they will keep up the taxes. At least that's how it was explained to me by our attorney.

Basically, you should be free and clear of any costs while you are still in the home.

[tay666]

Thanks.
Just one more reason why surrendering the house isn't so bad.

I forgot to clarify though.
Is this going from experience with a straight forclosure, or with the trustee taking the house?
The reason I ask, is we can afford the house, but we have too much equity and our exemptions are no where near it. So that is why we will probably end up surrendering it.

[BassBoy]

My experience is with a straight foreclosure. We were behind on the mortgage when we filed and we had barely any equity so we let it go to foreclosure. During our 341, the Trustee abandoned the property because he saw that there would never be sufficient funds to pay creditors.

[backontrackOH]

My situation is very similar to Bassboy, we will be behind when we file and upside down on the mortgage (first and second). BUT, isn't holding out in the house as long as possible like sitting on a ticking time bomb? I am just worried that we won't be able to find a home to rent (for 5) once we receive the 30 days notice to vacate. And how do you deal with your neighbors and the embarassment from the whole situation?

[BassBoy]

Considering that the timeline is 12-18 months in Ohio, I would say that at the 6 month mark, you may want to start looking for a place. IMO, you will want to have your living arrangements finalized before the sale date and eviction. Having piece of mind of where you'll live is worth it.

Dealing with the embarrassment was something we didn't want to face....so.....we left our home about 2 weeks after our discharge (we had signed the lease a month prior to our discharge). We had been gone for almost 1 year before the home was sold at auction.

As far finding a place, don't worry too much over this. You'll find a suitable place for you and your family. You can find homeowners/landlords that may be willing to work with you. My best advice is to be upfront and honest with them when you begin shopping.

[tay666]

What embarassment?
You have made a financial decission. There is nothing to be embarassed about.
I am sure some of your neighbors have done the same or are considering it themselves.

[BassBoy]

Hmmm.....good point tay666. I wouldn't doubt if some of our neighbors are one step behind us.....LOL! Anyways, we all know how our neighbors can gossip and I'm sure most of us wouldn't want to know or hear about our neighbors talking about us with other neighbors while we are still living in our homes.

[tay666]

You are probably right.
I don't get it though. I am one of those people who could care less what others say or think about me.
The only reason I haven't been open with our friends and family yet is because my wife is very touchy about talking about things like this.
I have a hard enough time getting her to talk to me about it. Which I need to do to get her opinions and such. But she still doesn't want to deal with it.
So I do all the research, make all the plans, gather all the bills and statments and organize them, and line up perspective lawyers to consult with eventually.
She's going to have to deal with it soon though. I think we only have about a month or so before her car getting repoed is a very good possibility.

[ForecloseEmma]

Being an Ohioian, and having surrendured our home, I can answer a few of these questions. There will be some sort of notice afixed to the house that will be with regards to the Sheriff's Sale. You will not have to open the house to anyone for viewing. More than likely, the county treasurer will give the home a value. Don't be surprised if you see anyone driving by really slow and looking at the house. A lot of investors will watch the pre-foreclosure listings.

On the day of the sale, the house will start at auction for 2/3 of the treasurer's appraisal. After the sale, you will receive a notice to vacate sometime after that. It is usually a 30-day notice.


Like the answer(s) above, the county treasurer will value the home.

Just an FYI, the entire process will take anywhere form 12-18 months in Ohio.....so......take this time to rebuild any savings and get everyting back on the right path.

Our sale date is May 11th . It was good to find out that we don't actually have to be out of the house that day and will get an order to vacate. We are leaving the state but need a little extra time to save to make the move. If the house doesn't sale, do you still get an order to vacate? We plan to be out of here by June 1st (hopefully) if that order to vacate thing is true. I was so relieved to hear that. I thought we had to be packed and moved on the 11th. Thanx for this board!

[BassBoy]

If the house doesn't sale, do you still get an order to vacate? Thanx for this board!

From what I've seen/heard, the bank/lender will buy the home at auction, if no one makes any offers. That said, be prepared to get a notice to vacate after the sale. You can keep track of the sale, who bought it and for how much if you visit the Sheriff's webpage. Property sales (foreclosures) should be listed on the site.