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.
Getting a foreclosure notice is not what anyone wants or what they plan for when they buy their home. But it is something that happens to thousands of people every year, often due to factors that are completely out of their control.
You receive a foreclosure notice in the mail after failing to make a number of mortgage payments. You know that the bank is eventually going to take your home back and then sell it at auction.
If you think back to when you first purchased your home, you'll probably remember your Ohio title company having you review and sign a variety of documents. The foreclosure process is just as paperwork-heavy as the closing process. It's when you're in your most vulnerable financial state while you're facing foreclosure that you're most apt to be defrauded by others.
Odds are, if you're facing foreclosure, you knew it was an issue long before you got that first notice. While there are cases where people feel surprised that their home is being taken back by the bank, most people are well aware that they have been missing payments. They know the potential ramifications. They just do not feel like they have any other options.
Have you ever heard the term "boomerang buyer" applied to someone who is looking to buy a home? Have you been wondering what it means?
You think that you're going to go into foreclosure in the near future. Maybe you just lost your job. You got a part-time job to replace it, but you know it's not enough to pay the bills. Of course, you believe you'll have another full-time job in the future, but you anticipate a few months with far less income. If you miss all of those mortgage payments, you know you may lose your home.
From the outside, a foreclosure sounds simple. The bank essentially bought the house by providing the loan. The homeowner then stopped making payments on the loan, so the bank decided to take the house and sell it to recoup their costs.
When you hear that someone's home is in foreclosure, what do you think is the reason? Do you wonder if they got themselves into overwhelming debt through poor purchasing decisions? Do you assume they bought a home they could never really afford? Or maybe the breadwinner recently lost their job?
Debt has made failure to keep on mortgages a real problem across Ohio. Cuyahoga County, home to Cleveland and Euclid, has been in the top ten counties for foreclosure nationwide in recent years. Fortunately, the risk has been dropping even though the ranking has not moved.