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Ohio still suffers high rates of foreclosure

Owning a home is a big part of the American Dream, and there are many financial services designed to make this more doable for working people and families. Unfortunately, there are still high rates of failure to maintain mortgages and home loans that let people keep their homes.

Ohio was badly hit by the Great Recession following 2008, and thousands of families were forced to foreclose, leaving the banks that lent them money to claim the homes and sell them below market rates. Although home ownership became more secure in the earlier part of this decade for the Buckeye State, several areas still suffer high rates of foreclosure.

Foreclosure filings are still two and a half times higher than in 1990s, according to an analysis by Policy Matters Ohio. Coshocton County in central Ohio, just south of Cleveland, has the second-highest foreclosure density in the state, just behind Mahoning County near the eastern border with Pennsylvania.

Coshocton County experienced 368 foreclosures during 2016 and 2017. Policy Matters Ohio believes this is because lenders targeted vulnerable communities such as Coshocton, which is now lumbered with more debt and difficulties recovering from the housing crisis. The county commissioner also cited the loss of factory jobs that were never replaced by the new economy.

People trying to keep their homes through struggles with debt have the right to legal representation that can help them file for bankruptcy, fight fraud or take other legal action. An attorney can review financial records and deal with lenders in the attempt to stop foreclosure.

Source: Coshocton Tribune, "Coshocton among highest foreclosure rate in state," Shelley Schultz, Jan. 05, 2018

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