Foreclosure Mediation Summary - Ohio

Foreclosure Mediation Summary is a legal document that was released by the Ohio Judicial System - a government authority operating within Ohio.

FAQ

Q: What is foreclosure mediation?
A: Foreclosure mediation is a process where homeowners and their mortgage lenders meet with a neutral third party to try and find a solution to avoid foreclosure.

Q: Why is foreclosure mediation important?
A: Foreclosure mediation is important because it provides an opportunity for homeowners to negotiate with their lenders and potentially come to a resolution that allows them to keep their home.

Q: How does foreclosure mediation work in Ohio?
A: In Ohio, foreclosure mediation is typically initiated by the homeowner after receiving a foreclosure notice. The homeowner can request mediation through the court and if the lender agrees, the mediation process will begin.

Q: Who participates in foreclosure mediation?
A: Participants in foreclosure mediation typically include the homeowner, the lender, and a neutral third-party mediator.

Q: What are the possible outcomes of foreclosure mediation?
A: The possible outcomes of foreclosure mediation can vary, but they may include loan modifications, repayment plans, short sales, or deed-in-lieu of foreclosure arrangements.

Q: Is foreclosure mediation mandatory in Ohio?
A: Foreclosure mediation is not mandatory in Ohio, but it is available as an option for homeowners facing foreclosure.

Q: Does foreclosure mediation guarantee that the homeowner can keep their home?
A: Foreclosure mediation does not guarantee that the homeowner will be able to keep their home. The outcome of the mediation will depend on the specific circumstances and negotiations between the homeowner and lender.

Q: Are there any fees associated with foreclosure mediation?
A: There may be fees associated with foreclosure mediation in Ohio. These fees can vary depending on the specific program or organization facilitating the mediation process.