When hardships occur, it can be comforting to know that other individuals have experienced the same hardship and have been able to move forward successfully in the aftermath. Since 2008, people all across the nation have struggled with financial challenges due to a sweeping financial crisis.
Though the economy has been recovering slowly but steadily, only some individuals’ finances have recuperated. Others find themselves in a position where foreclosure, loan modification or bankruptcy has become necessary. Hope of a brighter tomorrow is in sight for these individuals, but first they must address the immediate challenges in front of them.
In Ohio, the foreclosure rate rose 13 percent in 2012 from 2011 rates. This movement stands in contrast to the national rate, which dropped three percent last year over 2011 rates. Evidence suggests that Ohio banks were aggressively pursuing delinquent mortgages in 2012 after approaching the issue more cautiously due to judicial review challenges in 2011. In all, just over 89,500 foreclosures were filed in Ohio last year.
The positive news is that even the sharp spike in foreclosure rates in 2012 does not compare to the state’s 2010 rate. This suggests that while some homeowners in the Buckeye State continue to wrestle with significant financial challenges, the state’s economy is recovering overall. This means that those individuals faced with foreclosure in 2012 and 2013 can expect to move forward in an increasingly stable economy. In addition, more stringent judicial review in Ohio is helping to ensure that those who must grapple with foreclosure are not taken advantage of.
Source: Columbus Dispatch, “Foreclosures up in Ohio in 2012 after lull,” Jim Weiker, Jan. 17, 2013