Responses to the Complaint – Within 28 days of receiving service of the Summons and Complaint, Defendants may file an “Answer” which responds to the allegations of the Complaint and also states specific defenses or they may file a Motion seeking additional clarification or requesting that the Complaint be dismissed. Foreclosure complaints, along with a “Summons,” are required to be “served” on all named Defendants to provide notice of the law suit and the need to appear and defend. Complaint Filing and Service – Ohio law requires the lender “Plaintiff” to file a law suit which is done through the filing of a “Complaint.” A complaint is a legal document that alleges facts which, if proven to be true, would allow the lender to obtain judgment. Notice of Default/Intent to Accelerate – Most of the standard form Notes and Mortgages used for residential properties permit a lender to call the entire balance due, also know as “accelerate the loan,” but require the lender to give advanced notice and an opportunity (typically 30-35 days) to pay the past due amounts. Default – A default is simply a breach of the terms of your Note and/or Mortgage – typically a failure to make payments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |