Foreclosure Help in Dayton

Foreclosure is the name for the legal proceedings through which a creditor—usually a bank, but potentially other lenders—takes possession of a piece of property when the buyer doesn’t pay the mortgage or “deed of trust.” If the creditor does take over the deed it is said that “the mortgage has been foreclosed.”

Foreclosure takes different forms in different states. In some states the creditor takes the deed in lieu of foreclosure. This means that the lender will take the deed to the property and become the owner in place of the buyer. What is more common, is that an officer of the court will auction off the property which allows the creditor to get the money they are owed.

The most common reason why lenders foreclose on a mortgage is that the buyers who are experiencing trouble making their payments avoid their lenders. There are many non-profit organizations that can help. You should dial 2-1-1 to contact the United Way HelpLink of the Greater Dayton Area . You can also reach them by dialing 1-800-917-3224. The United Way of Dayton can help provide helpful information on what to do in your time of need. They will help you talk to your creditor and figure out a plan to avoid foreclosure. That link requires Adobe Reader. Download a free copy of Adobe Reader.

Find out more information about how the United Way of the Greater Dayton Area can help.
 

Homeownership Center of Greater Dayton
371 W. Second Street
Dayton, OH 45402
Phone: (937) 853-1600
Services: The HomeOwnership Center of Greater Dayton provides first-time Homebuyer Classes that walk you through the process of successfully purchasing a home.