Foreclosure in Cleveland Information

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BENSON LAW FIRM
The Hanna Building
1422 Euclid Avenue
Suite 1610
Cleveland, OHIO 44115
(216) 241-2510 • P
(815) 301-8833 • F
       
Bankruptcy Umbrella in Cleveland, Ohio
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Foreclosure Defense Strategies and Challenges

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Focus on Bankruptcy and Foreclosure

The practice at Benson Law Firm focuses on bankruptcy, while the foreclosure defense work is generally limited to negotiating workouts in mediation either in lieu of bankruptcy or leading up to bankruptcy. In other words, we try to resolve the foreclosure during the mediation phase with a loan modification. There has been an increase in foreclosure activity in our practice, largely due to economic conditions and plummeting real estate values.

We represent clients throughout Northern Ohio, from Toledo to Youngstown and from Cleveland to Mansfield. Most of our foreclosure clients have some kind of major loss, usually a reduction in employment, a major medical event or a recent divorce. Our approach with these clients is as holistic as possible, linking my clients’ financial challenges with the most logical legal and non-legal solutions. For example, many clients are in need of public benefits, assistant from nonprofit agencies and credit repair.

Factors Driving Increases in Foreclosure

Over the last several years, Northern Ohio has seen steady job losses and reductions in work hours. If two people in the household are making money sufficient to support mortgage payments and one or both lose a job or suffer a reduction in hours, it can send that household into a tailspin. Some people try to hang on, concentrating on the house by making payments on the mortgage while they defer other things. Eventually, they reach the limit on their credit cards while trying to make ends meet and find they cannot further reduce their expenses. Often, clients come into my office with a complaint in hand from a creditor lawsuit. Older individuals on fixed incomes who suffer major medical events and incur large amounts of medical debt discover at the end of the month that they don’t have enough money with which to make the monthly mortgage payment.   Read More

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Options When Facing Foreclosure

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Cleveland Foreclosure Options

As too many Ohio residents have recently found, foreclosure is no longer the unthinkable. Loss of employment, spiking adjustable rate mortgages, and high rates of debt have put many local homeowners at risk of losing their property. Finding a new job can take time, but the monthly obligation to pay the mortgage does not stop. When one or two mortgage payments are late, it puts a borrower in danger of default, and raises the problem of repaying the arrears while also making future payments on time. If mortgage payments fall behind three or four months, the threat of foreclosure looms.

The recent rash of foreclosures, however, is not a sign of greed on the part of financial institutions. Neither lender nor homeowner benefits from foreclosure, a costly legal process by which the mortgage lender obtains ownership of a property whose mortgage is in default. Foreclosures and abandoned residences have scarred not only Cleveland-area communities, but have become a problem on a national scale. It may be helpful to remember that foreclosure today does not carry the stigma it once did.   Read More

 


NOTE:Disclaimer - Legal information is not legal advice

 
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