Vance P. Truman, Attorney at Law
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There are alternatives to foreclosure

The real estate and property data company ATTOM Data Solutions published a report last month that shows that foreclosure rates declined significantly in both the Akron and Cleveland metro areas during the first half of 2019. This is the opposite of what has happened in many other major cities across the country that have seen a significant increase in foreclosure filings during this same period.

ATTOM's data shows that during the first six months of 2019, there were only 1,147 foreclose filings in the Akron metro area, which includes Portage and Summit counties. There were 5,312 filings during that same period back in 2008. Just last year, there were 1,361 during the first half of the year.

Data compiled for Lake, Medina, Geauga, Cuyahoga and Lorain counties shows that there were over 18,000 foreclosure filings during the first six months of 2008. There were 5,539 during the first half of June. By the halfway point of this year, there had only been 4,142 foreclosures across these various Ohio counties.

This decrease in foreclosure rates in Northeast Ohio comes at a time when they're on an increase in many other cities around the country. Large cities in Florida have seen the highest numbers of mortgage defaults.

If you're having difficulty paying your mortgage, you shouldn't remain silent. You should immediately contact your lender to see what types of hardship options they may be able to offer you. If you've exhausted all of those options and you're in peril of losing your Ohio home, then you may want to reach out to an attorney. They can advise you of alternatives to foreclosure.

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