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foreclosure process overview

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					                                 3631 Perkins Ave. 4C-S        Ph: (216) 361-0718
                                 Cleveland, OH 44114           Fax: (216) 361-0920
                                 www.esop-cleveland.org 1-877-731-ESOP (3767)




Home at risk of foreclosure?
   Read below for what you need to know on the
                  foreclosure process:
Complaint is filed: The lender will file a complaint with the Court of Common Pleas stating
that the homeowner is in default. Typically this is filed after the borrower is 90 days
delinquent.

Answering the Court: The Court delivers foreclosure paperwork to the borrower’s home;
the homeowner has 28 days to respond to the lawyer and 3 days to respond to the
Court. The response must be filed on the docket, as well as mailed to the attorney’s
office.

Default Judgment: If a homeowner does not answer the Court, a default judgment will
be filed, which means the homeowner has not represented themselves, and the judge
will most likely rule in favor of the bank. The home is now one step closer to sheriff sale. A
summary judgment may also be held when the Court rules automatically in favor of the
lender.

Hearings will take place: Before the house is auctioned at sheriff sale, a judgment must
be passed. The Court will notify the homeowner of the series of hearings- IT IS VERY
IMPORTANT TO ATTEND THESE HEARINGS. Homeowners should call the Court of Common
Pleas to check their docket, or check the Court’s website.

Sheriff Sale: If a homeowner has made NO attempt to represent themselves in court, and
has not obtained a workout option, the Court will award judgment to the lender and a
sheriff sale will be scheduled.

Eviction: If the house is bought at the sheriff sale, there are 8 days before the sale is
verified. A homeowner is able to file for a stay of confirmation during these 8 days, which
will allow for 30 extra days before the sale is confirmed. Whoever takes possession of the
house at the auction is now the owner and able to evict the home’s current residents.
An eviction notice will be served to the occupants.

It is important to know who is foreclosing on you. Parties include: the lender, or servicer,
as the company collecting your monthly payment; the investor, who puts up the money
to finance your loan; and the trustee who holds the property and is most likely the one
listed on any court documents.


If you think your home may be at risk for foreclosure-   don’t wait- act today
                    before the foreclosure process progresses further.
Call ESOP for more information on how to save your home.
         216-361-0718 or 1-877-731-ESOP (3766)

				
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