Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation

Foreclosures may rise in Ohio real estate markets

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

No Comments

Leave a comment
Comment Information

Get the debt relief you need, the personal attention you deserve.

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Information Vance P. Truman, Attorney at Law

689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
Fax: 330-722-3410
Map & Directions

Payment Plans Available Call Us For Your Best Suitable Payment Option

VISA master card American express Discover network