The property business intelligence company CoreLogic published data earlier this month that shows that the number of homeowners that are delinquent in paying their mortgages and are in peril of losing their homes to foreclosure is currently the lowest that it's been in nearly 20 years. The number of homeowners that were struggling to pay their mortgages was holding strong at just below 4% by the end of the third quarter of 2019. Less than .5% of those individuals were facing foreclosure.
If you're behind on your mortgage and are concerned about losing your home, then you must act fast. The foreclosure process here in Medina and elsewhere in Ohio moves quickly. A mere 180 days may elapse between you being you falling behind on payments and the sheriff's office telling you to vacate your property. There are milestones that you can plan for at every step of the Ohio foreclosure process.
You spent years renting apartments in Ohio. Then you decided to take the plunge and buy a house. Unfortunately, you lost your job shortly after buying. This led to foreclosure. You feel like this just means it's time to go back to renting, but then you realize you may have a serious problem. Will you now find it impossible to get a lease because of that foreclosure on your financial record?
How can you protect yourself against foreclosure? It isn't easy.
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?