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 Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37003
Experience:  16 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

In Ohio, if a borrower consents to foreclosure in exchange

This answer was rated:

In Ohio, if a borrower consents to foreclosure in exchange for a waiver of the deficiency, will the foreclosure case be dismissed. Is this the same as a DIL?
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
.
In Ohio, if a borrower consents to foreclosure in exchange for a waiver of the deficiency, will the foreclosure case be dismissed. Is this the same as a DIL?
.
No, this just means that the lender is giving up the right to come after the borrower for a deficiency judgment since the borrower is not fighting the foreclosure and agreeing to a consent judgment. The title to the property is immediately transferred back to the lender free and clear of all claims. This speeds up the process for the lender and ensures that they don't have to incur all the legal costs of a full foreclosure. The case is still considered a foreclosure against the borrower.
.
A DIL is when the borrower deeds the property back to the lender and the lender actually forgives the outstanding loan balance and dismisses the foreclosure action.
.

.

.

Thanks.

Barrister

.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


Customer: replied 4 years ago.

Thank you! Just to confirm my understanding: the foreclosure process will still proceed, correct? Just quicker?

That is correct, the debtor just doesn't have to do anything further once the consent foreclosure agreement is entered into. Instead of it taking 5-6 months or longer, it can be over much quicker because there is no fight about the foreclosure.
.
.
Thanks
Barrister
Barrister and other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions