Foreclosure in Ohio

The Foreclosure Crisis is Far From Over in Ohio

Ohio has been one of the hardest hit states in the U.S. during the current foreclosure crisis in the real estate market. Not only that, but the three biggest cities in Ohio–Cleveland, Columbus, and Cincinnati–are the most affected, and the rate of foreclosures is still going strong.

Only judicial foreclosures are allowed in Ohio, and some of the foreclosures are on hold right now, waiting for foreclosure fraud investigations to be completed, however, even with all of that going on, there is still plenty of foreclosures being filed.

Statistics are also showing that neighborhoods that have higher percentages of African Americans are being dealt with much more harshly than those with higher percetages of whites. Banks are less likely to refinance, modify, or allow new mortgage loans for housing, while housing equity values drop in an ever increasing spiral due to the lower value of foreclosed homes.

Can Ohioans Fight the Foreclosure Crisis?

First of all, if you find yourself in the situation where your house is being foreclosed, make sure that the company that is foreclosing actually owns the house. There have been instances of colossal errors, and outright fraud when it comes to foreclosures. Recently, a Florida couple actually got a judgement against a bank that foreclosed on them wrongfully, then wouldn’t pay them the judgement fees. Below is a video describing this situation.

There is Help for People Trying to Avoid Foreclosure

There are both national and local organizations that have been organized to help people avoid foreclosure by modifying loans or negotiating on your behalf. Some experts are saying that going into bankruptcy is better than foreclosure. Whichever choice you make, consult with a financial expert that is there on your behalf to avoid putting trust in the lawyers and banks that are working against you.

One of these organizations is Save the Dream Ohio which works with home owners as an intermediary. They can decipher confusing laws or regulations, and help you determine your next response to a foreclosed home.

HUD is another government organization that can offer help in several different areas of foreclosure circumstances.

This article is originally published here.

Tagged with: foreclosure homes • foreclosure in Ohio • hud • real estate • stop foreclosure

Filed under: Foreclosure • Real Estate

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