Many homeowners who encounter difficulty keeping up with their mortgages will seek to use any of a variety of ways to try to stay in their home. These will frequently involve some form of an attempt to modify the terms of their mortgage, lowering the payments and interest sufficiently to allow them to keep up with their payment schedule and to remain in the house.
Those who are in enough financial trouble to be contemplating bankruptcy will, if they are homeowners, often also find themselves having to think about the prospect of what it would be like to lose their homes to foreclosure. Your mortgage payment is typically the largest of your bills, and when you are already juggling bills it can be like trying to juggle a bowling ball.
Foreclosure is the process by which a lender, such as a bank or mortgage company, takes possession of a property when the borrower defaults on the mortgage. While this may seem like a simple concept, many people do not realize there are different types of foreclosures. There are three main types of foreclosure: judicial, non-judicial, and strict. Judicial foreclosure is the most common. It is also the only type of foreclosure used in Ohio.
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.
Although reports show an overall decline in new foreclosures in the state, a homeowner in Hamilton County facing financial challenges might not be breathing a sigh of relief. Other reports put Ohio ahead of all other states number of homes taken by banks following foreclosure proceedings.
The term "zombie foreclosure" might conjure up scenes from the movie "Night of the Living Dead," but for the more than 7,000 homeowners who abandoned their homes before their lenders completed the foreclosure process by taking possession, the term could represent a lost opportunity.
In an earlier post, we discussed the procedures that take place when your mortgage lender begins the foreclosure process against you. This post will elaborate on ways that you can possibly avoid losing your home in a foreclosure sale.
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.