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How does foreclosure in Ohio work?

To keep a long story short, The poor economy has hurt our long term plans and now we are looking into foreclosure of our home in Ohio. Our credit is already pretty bad, probably around 500 right now. Anyway, I've read that foreclosure in Ohio has laws in place that favor banks. I'm basically wondering what the repercussions would be if we decided to foreclose on our home. Would we be excused from the loan and just have a worse credit rating? Would we be able to get a new place in a year in a different state? Would we still owe a portion? Thanks in advance!

Public Comments

1. Sorry to hear about your situation but you are best off seeking legal advice from someone in Ohio themselves. There is alot of online information based around foreclosure but none that i know of that actually gives information based on each state. However you can check this company out below who seem to know alot about foreclosure and recommend a US based company who help solve foreclosure, it was my sister who showed me this a while back when i though i was going to loose my home. Best of luck to you and hope everything goes well.
2. Documents are filed in a local court. The borrower is then given notice of the court filing, usually by certified mail, regular mail, or personal service. If a borrower cannot be located, the lender may publish the notice of the court filing. After the notice has been properly delivered or published, the borrower has 28 days to respond or the court can find them in default. After the court makes its decision, the county clerk issues an order of sale to the sheriff. If you are interesting, contact me directly; sometimes possible sell a house with no equity. Normally credit history can be damaged for 7 years. As an option, you may declare a bankruptcy. Better contact local attorney.