Upcoming Foreclosures

I need some foreclosure info in Ohio, please!?

My home is beginning the foreclosure process. We can no longer afford it and our property has dropped in value almost 50%. I'm worried about the bank coming after us for the amount we owe. Does that happen to evryone who forecloses? Should we file bankrupty to avoid this? I don't know what's going to happen as far as the aftermath of this. Please help. What was your experience if any? All I know is our credit will be messy for awhile. Please help, I'm extremely stressed out about this and any information will be helpful. Thank you!

Public Comments

1. They almost always do this on car loans, but since most people would not be in foreclosure if there was any way they could pay for their homes they would, so the banks know it is futile to sue for the shortfall. If you were paying PMI, that probably covered that anyway. Do not file bankruptcy unless this happens - and more than likely it will not.
2. Matt, a lot of us are in your shoes too. It's my understanding that if it's the first loan, the chances of them coming after you are slim. And if they did, then you could file bankruptcy. Some of us who have a second loan, could face possible grossing up of our income taxes when the lender files a 1099 form. Make sure you've done your homework and know what your rights are in your state for any redemption period you might have. Example, in Minnesota we have 6 months from the sheriff sale to stay in the home. But we have to be out the last day of redemption unless we redeem the house through paying all back payments and fee's. So check on line