Legal Question in Real Estate Law in Ohio

Dear Friend of the Owner: Your Owner-friend may be facing default if he stops paying on the mortgage. And, that might not be a bad idea, since he cannot win ,with a building valued at much less than what he paid for it and with the loss of a tenant, he may be unable to continue paying the mortgage.

See an experienced Attorney for counsel ASAP, to seek morgage modification, or "short sale" or "short pay" options, which can be negotiated only by the Attorney, since lenders and servicers will not deal with their borrowers (debtors).

There are more than twenty legal defenses that can be made to oppose and defend against lenders� legal action to foreclose. Early on, you are entitled to have your Attorney demand mortgage loan mediation and modification. These include reduction of the principal amounts owed, as well as reductions in the mortgage interest rate, or even extending the loan period in years to 30 or even 40 years for repayment..

Fears of ruining your credit or having to file bankruptcy should be the very last resort because there are many other remedies and rights to recovery, under Federal programs available for Mortgage Relief in foreclosure.

Contact an Attorney for advice and Counsel. Do not delay or wait for default notice.

Good luck!

Sincerely, J. Norman Stark, Cleveland.

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