The foreclosure crisis that began in 2007 hit the state of Ohio hard, and only recently have indications emerged suggesting that the worst is over. This at least is according to statistics from the Ohio Housing Finance Agency, which suggest that a significant improvement from previous years has been underway.
Most people understand that our credit scores affect our daily lives. Generally, it is difficult to get a loan or obtain a credit card without decent credit. If a person's credit score is low, he or she may be able to get a loan but the interest rate may be unreasonably high. The lender may even add some creditor-friendly clauses into the lending agreement that otherwise would not typically be present.
This post will provide details about what actually happens in a foreclosure and steps you can take as the homeowner, following up on a previous post. In the previous post, we discussed the basics of foreclosure, including legal definitions and possible scenarios.
Ongoing financial challenges can often lead to outcomes such as filing for bankruptcy, repossession and having to acquire a home equity loan. In the face of unemployment money trouble can continue to grow and may seem overwhelming for any family or individual homeowner. Losing income will naturally add to the possibility of facing foreclosure.
Perhaps you have hit some hard times recently, and have fallen behind on your mortgage payments. You might even have had to file a petition for bankruptcy. It has come to the point where your mortgage lender has given you notice that it is beginning foreclosure proceedings.
An Ohio homeowner may be among the first individuals to use a provision of the Dodd-Frank law to file a lawsuit against a mortgage servicing company.
Since the housing market hit a downturn in 2008, many people in Cincinnati, Ohio, and across the country, have had difficulties paying mortgages due to fluctuating variable interest rates.
Abuses by mortgage companies against consumers have received much attention in the past few years, with several high-profile national settlements. Now, SunTrust Mortgage, Inc. can be added to the list of companies who have to pay consumers back for millions of wrongful gains due to abuses in mortgage servicing, mortgage origination and foreclosure.
Many Ohio real estate specialists will tell you that having a foreclosure in your neighborhood can drive down the selling price of the rest of the homes on your block. But the effect may be more than financial.
A nonprofit’s annual study of foreclosures in Cincinnati and Hamilton County found reason for homeowners to feel hopeful, as well as continuing cause for concern. The number of foreclosure sales in 2013 was down 17.5 percent. Twenty-four percent fewer foreclosure proceedings were initiated during the year.