What is Foreclosure?
In basic terms, foreclosure is the legal process by which a lender attempts to recover the balance of a loan when a borrower fails to make the required payments. It essentially allows the lender to take possession of the property and sell it to recoup the funds owed.
Foreclosure in Akron typically begins when a homeowner falls behind on their mortgage payments. This could be due to various factors, such as job loss, medical expenses, or other financial hardships.
After a certain period of non-payment, the lender will issue a notice of default, informing the homeowner of their intention to proceed with foreclosure proceedings.
Foreclosure is a legal process by which a homeowner forfeits their rights to their property, based on their inability to make monthly mortgage payments (typically when a borrower is more than 120 days delinquent). 
Once the notice of default is issued, the homeowner has limited time to either catch up on their payments or work out an alternative solution with the lender. This could involve loan modification, refinancing, or entering into a repayment plan.
If the homeowner fails to resolve the unpaid debt, the lender will then file a lawsuit to initiate the foreclosure process through the court system.
This typically involves a series of legal steps, including a public auction of the property, in which the highest bidder becomes the new owner.
According to 2021 industry data, a foreclosure takes an average of 922 days, from start to finish. 
Foreclosure can have severe consequences for homeowners. Not only does the person lose their property, but their creditworthiness is also greatly affected. A foreclosure can remain on a person’s credit report for up to seven years, making it challenging to secure future loans or favorable interest rates.
In Akron, Ohio, like in many other states, there are foreclosure prevention programs and resources available to help homeowners navigate this challenging situation. It is important for individuals facing potential foreclosure to seek professional guidance from foreclosure lawyers, mortgage lenders, or housing counseling agencies.
These professionals can provide advice on how to avoid foreclosure and explore potential options for loan modification or repayment plans.
Common Causes of Foreclosure in Akron, Ohio
Foreclosure can be a distressing experience for homeowners in Akron, Ohio. Understanding the common causes of foreclosure can help individuals and families take proactive measures to avoid this financial setback. While the specific circumstances may vary, here are some of the most prevalent reasons for foreclosure in Akron:
How to Avoid Foreclosure in Akron, Ohio
Losing your home due to financial difficulties is a situation that nobody wants to find themselves in. Fortunately, there are steps you can take to avoid foreclosure and protect your property.
When difficulties arise, communicating with mortgage servicers and working with a HUD Participating Housing Counseling Agency can help homeowners preserve savings and develop a plan to support their housing goals. 
Ohioans can receive assistance with rent, or utilities from the state of Ohio through their local Community Action Agency (CAA). Check if you are eligible and apply at your local CAA. 
Analyze Your Financial Situation
By thoroughly examining your income, expenses, and debts, you can gain a clear understanding of your financial standing and make informed decisions to protect your home. Here are some steps to help you analyze your financial situation effectively:
Be Proactive With Preventing Foreclosure
The longer you wait to seek help, the more difficult it will be to prevent foreclosure.
Analyzing your financial situation is an ongoing process. Your financial circumstances may change over time, so regularly reviewing your income, expenses, and debts is vital.
By staying proactive and taking the necessary steps to secure your financial stability, you can protect your home from the threat of foreclosure.
 Arthur, M. (2023, June 23). Foreclosure: Definition, process and Next Steps. Zillow. https://www.zillow.com/foreclosures/overview/what-is-a-foreclosure/
 Akron, Ohio. (2023, July 25). Wikipedia. https://en.wikipedia.org/wiki/Akron,_Ohio
 Providing Foreclosure Prevention Counseling. (n.d.). HUD Exchange. https://www.hudexchange.info/programs/housing-counseling/foreclosure-prevention/
 Home Relief Grant. (n.d.). https://development.ohio.gov/individual/energy-assistance/home-relief-grant