Four consequences of ignoring a foreclosure filing

Four consequences of ignoring a foreclosure filing

If you are in danger of losing your home, a foreclosure filing probably doesn’t come as a surprise.

However, just because you know a foreclosure filing is coming doesn’t mean you don’t experience shock, anger, sadness and any number of emotions when it arrives. But that said, you cannot ignore a foreclosure filing.

It MUST be responded to – and fast. In Ohio, you have 28 days from the date you are served with the foreclosure complaint and summons to respond to a foreclosure filing. Otherwise you can face consequences.

Here are four consequences of ignoring a foreclosure filing. Read on:

You lose rights

If you ignore a filing for more than 28 days, you lose the right to defend yourself in court. If you get a filing and you don’t know what to do, don’t toss it in the trash or stuff it in a drawer. Hire an experienced foreclosure attorney to help you! If you cannot afford an attorney, sometimes court staff can answer basic questions. Call and seek answers to your questions.

You will lose your home

Now, you may already be facing the loss of your home, but if you ignore a foreclosure complaint and summons c, a default judgment will be entered and your home will be sold at auction or at a sheriff’s sale.

You might owe the bank money

In many cases, if your home sells at auction or sheriff’s sale for LESS than you owe the bank, you will face a deficiency judgment and are responsible to pay the difference to the bank or lender. This is also relevant if you have a second mortgage on the home or a home equity line of credit.

You might have tax implications

If you ignore the foreclosure filing, there might be tax consequences. You’ll almost certainly need to talk to a qualified tax advisor to sort this out, as you don’t want to get into trouble with the IRS.

Mina Nami Khorrami LLC

If you have questions or concerns about Ohio foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.