Foreclosure is the worst-case scenario for any property owner. Bank or institutional repossession of a house or business location after a mortgage has been unpaid is a bad move for the former owner, the bank and often the next owner.
It is bad news for the Buckeye State that foreclosure rates increased in the late summer at more than double the normal rate. The month-on-month increase of 14 percent from July to August 2017 is the highest in 10 years, and Ohio experienced the fifth most foreclosures of any state nationwide.
A rise over a month is not necessarily significant to the national real estate market. But it may affect regional markets that have shown more recent volatility, which includes the Midwest and Ohio specifically.
The Buckeye State experienced 4,540 new foreclosures in August 2017. Ohio is behind only Florida, California, New Jersey and Illinois for foreclosure activity at the time.
Foreclosure is often the result of delaying the solution to financial problems and failing to maintain current payments to a mortgage over several months in a row. Early action can often prevent the loss of a home. Even bankruptcy has clauses that prevent debtors from losing their primary residence.
Legal representation can help those at risk of foreclosure to weigh their options and explore the possibilities of refinancing mortgages, consolidating debts and more. An attorney with experience in foreclosure, bankruptcy and related debt problems can help clients stay current with their financial obligations and avoid foreclosure or other debt consequences.
Source: National Mortgage News, "Foreclosure increase in August more than double the norm," Brad Finkelstein, Sep. 20, 2017