A new report shows that foreclosure rates have fallen since 2011, but are still twice as high as the average rate in the 1990s. 2014 saw a drop of nearly 20 percent over 2013 with only about 44,000 homes foreclosed upon. But, with the average 20 years ago being about 21,000, there is still a long way to go in the recovery from the predatory lending period in the early 2000s.
The report did include tax foreclosures that were completed last year. But, it does not include the 3,000 new tax foreclosure cases that were filed last year. These types of foreclosures typically cover abandoned properties that are managed by county boards of revision. When these kinds of cases were first allowed in 2006, it was a benefit to various communities, as the government could grant the property back to the banks for reutilization more easily. But the number of tax foreclosures has not decreased quite as much as some figures show, as they are handles outside of the court.
For individuals and families facing foreclosure, often the easiest way to get out from under a mortgage that is not payable is to file for bankruptcy. This can either liquidate your assets, including the house, to cover the debt, or can stop the collection process for a few months to give homeowners time to get their finances in order.
Anyone in Cincinnati who is facing a foreclosure should contact an experienced attorney immediately. An attorney can explain the different options that are available to struggling homeowners who are facing steep financial challenges.
Source: Norwalk Reflector, “Ohio foreclosures falling, but are still twice as high as 1990s average,” Norfolk Reflector Staff, June 2, 2015