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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ohio's deficiency rule and vacating time limit. Posted by Ward-CA- on March 14, 2002 at 8:24 AM In Reply to: I have questions posted by Bob on March 14, 2002 at 4:25 AM : I have several questions, and hope I can find some if not all of the answers. First, I live in ohio, is it better to file for bankruptcy on my house, or let them forclose? Second, if they do foreclose, am I responsible if there is a remaining balance owed on the property after it is sold at auction? (if house is sold at 75,000.00 and I owe $100,000.00, am I obligated to pay the difference) Also, how long have I got to vacate the house once I recieve a forclosure notice in the mail? =•=•=•=•=•=•=•=•=•=•= Bob, #1. A bankruptcy won’t solve a foreclosure problem—only money will do that. Yes, a bankruptcy action in Chapter 13 will temporarily stop a foreclosure, but that won’t discharge the secured mortgage debt at all. #2. You could possibly be obligated to pay for any deficiency owing the foreclosing lender after the final disposition of your property after the foreclosure. But the decision to pursue a deficiency is not always followed up on by lenders. #3. You will, in all likelihood, receive a written notice concerning vacating the premises after the foreclosure auction. In most states you’re allowed 15 - 30 days. But whatever time period it is make sure you leave within the days specified. Otherwise, you will be sued in an eviction lawsuit which will show up on your subsequent credit report and will not be treated lightly by future inquiring landlords. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have several questions, and hope I can find some if not all of the answers. First, I live in ohio, is it better to file for bankruptcy on my house, or let them forclose? Second, if they do foreclose, am I responsible if there is a remaining balance owed on the property after it is sold at auction? (if house is sold at 75,000.00 and I owe $100,000.00, am I obligated to pay the difference) Also, how long have I got to vacate the house once I recieve a forclosure notice in the mail? : =•=•=•=•=•=•=•=•=•=•= : Bob, : #1. A bankruptcy won’t solve a foreclosure problem—only money will do that. Yes, a bankruptcy action in Chapter 13 will temporarily stop a foreclosure, but that won’t discharge the secured mortgage debt at all. : #2. You could possibly be obligated to pay for any deficiency owing the foreclosing lender after the final disposition of your property after the foreclosure. But the decision to pursue a deficiency is not always followed up on by lenders. : #3. You will, in all likelihood, receive a written notice concerning vacating the premises after the foreclosure auction. In most states you’re allowed 15 - 30 days. But whatever time period it is make sure you leave within the days specified. Otherwise, you will be sued in an eviction lawsuit which will show up on your subsequent credit report and will not be treated lightly by future inquiring landlords. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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