3 Secrets Banks Don’t Tell You About Avoiding Foreclosure

The rising cost of living has created financial challenges for many, leading to an increase in foreclosures. As a real estate agent, I often monitor sites like Auction.com, and lately, I’ve seen a growing number of homes heading to foreclosure auctions.

It’s frustrating because foreclosure can often be avoided. Below are three key facts that banks don’t typically share—but knowing them could save your home:

1. Banks Want to Avoid Foreclosure

Foreclosure is expensive and time-consuming for banks, often resulting in financial losses. Banks don’t want to own or manage homes—they’re in the business of lending. Once a home is foreclosed, it’s categorized as a “Non-Performing Asset,” meaning it’s no longer generating income from mortgage payments.

• Pro Tip: Contact your lender to explore foreclosure alternatives, such as forbearance, loan modification, or repayment plans.

2. You Have More Time Than You Think

In Ohio, the foreclosure process typically takes 6 to 12 months from the first missed payment to eviction. During this time, you have the opportunity to work with your lender and explore solutions.

• Pro Tip: Don’t ignore the issue. The sooner you reach out to your lender or a real estate professional, the more options you’ll have to resolve the situation.

3. You Can Sell Your Home to Avoid Foreclosure

According to Bankrate.com, nearly 48% of mortgaged homes are considered “Equity Rich,” meaning the home’s value is more than double the mortgage balance. This means you may be able to sell your home, pay off the mortgage, and even walk away with cash in hand.

• Pro Tip: Don’t delay. Contact a real estate professional early to maximize your profits when selling your home.

What Can You Do Today?

Facing foreclosure can be overwhelming and emotionally draining. However, it’s important to know you’re not alone, and there are options to regain control.

The best thing you can do right now is take action. Reach out to your lender, a trusted real estate professional, or an attorney to explore solutions.

At The Jones Group, we specialize in helping homeowners navigate difficult situations like foreclosure. Contact us today to learn how we can assist you in finding a solution and taking back control of your future.