Earlier this year, RealtyTrac reported that Ohio had the sixth highest number of zombie foreclosures in the nation. Specifically, as of the end of 2014, there were 7,400 homes in this situation.
Because of the problems caused by abandoning the home, it is generally better to file bankruptcy if you would like to keep it. During Chapter 13 bankruptcy, your delinquent mortgage payments are put into a payment plan. Under the plan, you make an affordable payment towards this debt each month over three to five years. As long as you make the payment each month, you are able to stay in your home without fear of foreclosure.
If, conversely, you are in a situation where you cannot afford your home or no longer wish to remain in it, there are other legal options that can eliminate your liability for the mortgage and costs of ownership.
In either situation, it is a wise move to get legal help as soon as you become unable to make your mortgage payments. The experienced bankruptcy attorneys at Minnillo Law Group Co., LPA can listen to your situation and recommend the best option to help you out of your sticky financial situation.