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Effects of Foreclosure

Foreclosure

It is very important to know what can happen when a lender forecloses on your home. Not only will you lose your home and all the money you have invested in it, but the foreclosure goes on your credit bureau record and may negatively impact your ability to obtain another mortgage in the future. In some states, you can be held liable for any loss the lender experiences in selling the home. In Ohio a lender has up to 2 years to recover any deficiencies in the sale of a home for less than the amount owed.

The lender is required to report all foreclosures and deeds-in-lieu of foreclosure to the Internal Revenue Service, and you may have increased tax liability, since the IRS may view these events as forgiveness of debt. It is important to discuss these issues with an attorney to minimize the impact on you.

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Law offices Jacob M. Rzepka 5035 Mayfield Rd. Lyndhurst, Ohio 44236 (216)-923-1309
Hours By Appointment - Evening and Weekend Appointment Available
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The laws governing legal advertising in the state of Ohio require the following statement in any publication of this kind: "THIS IS AN ADVERTISEMENT."This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship




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