Few problems are more daunting than the possibility of losing a home, especially if a family has invested a great deal in its purchase and maintenance. Foreclosure is rare, but the specter of repossession has been close behind since the beginning of the Great Recession.
Foreclosures are generally less common during times when banks and other mortgage providers are not likely to sell properties off, instead favoring loan modifications and other ways of adjusting failing mortgages. When housing markets heat up, however, foreclosures often rise.
The capital of Ohio is one area where the market suggests an increase in foreclosures in the near future. Rising unemployment in the middle class, increasing home prices and retirement are all factors that can increase the chances of families losing their homes.
Employment may be stable in Ohio and other states in the Rust Belt, but depressed wages and underemployment -- such as increased reliance on part-time jobs -- can still lead to increased foreclosures. An industry expert said "a stronger economy doesn't necessarily translate into stronger income for homeowners."
There are several steps a family can take to reduce the chances of losing their home due to a mortgage default. Refinancing a home loan so the payments reflect the amount of equity can help lower expenditures.
A person or family cannot be turned out of their home without proper notification and the chance to make things right. An attorney may be able to help homeowners facing foreclosure assess their options and prevent the loss of their home.
Source: Benefits Pro, "Rise in foreclosure hits heartland, retirees," Marlene Y. Satter, Dec. 05, 2017