Chase Bank Foreclosures Ohio

October 23rd, 2008

Chase Bank Foreclosures Ohio

Question: ohio foreclosure? please help?

can someone please give me a timeline? our last payment was due on march 15th.our mortgage is with chase bank.my husband lost his job and theres no way we can pay for this house.i just want to know what is the timeline? how long will it be before the sherriff shows up and throws our stuff outside? ive heard anywhere from 90 days to 8months.does that mean 90 days after they file foreclosure or 90 days after our last payment was due??? im really freaking out here,we have 3 kids and no options.i need a definitive answer,please.
has anyone in ohio dealt with chase bank thru a foreclosure? ive also heard it depends on the bank.were gonna try and sell it but the housing market is real slow right now and the realtor said it could take up to a year to sell or longer.thanks to all that answer.mari

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Answer: Basically you have about 8 months from the issuance of the NOD (notice of default). This is the suit that is filed with your local court to begin the foreclosure process. Once they file that you have about 8 months.

They will typically issue the NOD 90 days after your first missed payment. Please note that there is no redemption period in Ohio so if the property goes to auction it is gone.

Also, that even of they have issued the NOD and anywhere after up until the day before the sale date, the Mortgage Company will still be willing to negotiate with you to stop the foreclosure. You have to show them you can afford the property and they will be willing to work something out with you. Chase is very good about accepting a Loan Modification where they will put most of the past due amount at the end of the loan.