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Some Ohio Homeowners Not Surprised by Recent Foreclosure News

This blog recently reported the story of major banks putting a temporary halt to the foreclosure process in Ohio. The story of banks using "robo-signers" to crank out documents like widgets from a factory may be just a part of the story. Several Ohio homeowners have faced foreclosure and have nightmares to tell.

The homeowner of a house on the Cleveland-Garfield Heights border refinanced his house seven years ago. The mortgage was quickly sold to a second financial institution. He reportedly underpaid the loan by 14 cents the second month after the refinance. The new financial institution reportedly imposed $2,200 in interest and fees for the underpayment. When the homeowner could not pay the penalty, he was forced into bankruptcy to try to forestall the foreclosure. Any Ohio chapter 13 bankruptcy attorney knows bankruptcy can halt a foreclosure and mortgage arrearages can often be made up through a chapter 13 plan for certain working homeowners.

A second couple in Cleveland reportedly underpaid their monthly mortgage payment by 14 cents and subsequently lost their home to foreclosure. A man from Berea lost his home to foreclosure after the bank reportedly refused to accept his payments. The bank reportedly had bought the loan from a prior servicer. After buying the mortgage, the bank reportedly told the Berea man that they did not own the loan, then turned around and foreclosed the mortgage.

An Eastlake couple received notice of foreclosure three times in the 15 years they have owned their home. They reportedly have never been late on a payment. Their mortgage had been sold years ago and the previous bank reportedly did not properly credit the account for two payments that had been promptly made.

The difficulty is that the current foreclosure crisis could hurt further economic recovery, placing more pressure on the housing markets. Ty Young, a financial and housing expert from Atlanta believes the current mortgage fiasco could have a strong impact on the economy as a whole. This problem comes to light at a time when foreclosures and filings for personal bankruptcy are already high.

Source: The Plain Dealer, "Mortgage foreclosure uproar sweeps up Northeast Ohioans," Theresa Dixon Murray, 17 Oct 2010

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