How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37010
Experience:  Texas Attorney for 30 years dealing in real estate
8534270
Type Your Real Estate Law Question Here...
Ray is online now
A new question is answered every 9 seconds

I sold my home at auction last month and will be closing this

Customer Question

I sold my home at auction last month and will be closing this month, I did not pay my last required payment and we have not closed on the property yet; can the bank still foreclose on my property? I am in Ohio
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Can I still loose my property? If so, what happens to the winner of the auction?
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
It is highly unlikely the lender here would move this quickly to foreclose on the property.If you close this month I don't think it will be a problem.You are in arrears but the lender normally calls and sends you a you forgot to make your payment letter and are at risk of acceleration and foreclosure.There may be some late fees due on top of the payment but that's about it assuming you do in fact close and pay off the loan.
You would have the option to tell them house is under contract and that you will be paying off the loan her imminently and ask they give you until end of month to close and pay it off.
I think overall there is time here to close by the end of month without problem.Any longer and you run risk of foreclosure here.But this is only one month so it should be fine.
I appreciate the chance to help you tonight.I wish you good luck with the sale and closing.Thanks again.
As you can see by the timeline below judicial foreclosure in Ohio does not usually begin until at least 90 days with no payment so you should be fine.
http://www.savethedream.ohio.gov/foreclosuretimeline.aspx
If you can leave a positive rating when we are done it is always much appreciated.
Take care.

Related Real Estate Law Questions