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Foreclosures in Ohio take longer than national average

While each case has its own unique circumstances, the real estate data firm RealtyTrac says that an Ohio foreclosure takes an average 18 months to complete. In some areas of the state, an Ohio foreclosure can take significantly longer, and some places proceed more rapidly. But the 18 month average is longer than the national average of 378 days, or shortly more than one year.

A number of homes that undergo foreclosure can sit vacant for a period of time. People who watch the real estate industry say that vacant properties can affect property values overall. This blog has previously reported about some of the effects that foreclosure can have on market values, creating more and more underwater mortgages across the country since the economic meltdown and ensuing foreclosure crisis struck the nation's housing market years ago.

In Ohio, foreclosures must go through the court system. The foreclosure process is different from the bankruptcy process, but filing for bankruptcy can put a halt to the foreclosure process, at least temporarily.

In many cases, an individual's financial situation may allow for a homeowner to retain the home, even in the face of late payments. For instance, a working homeowner may be able to make up past due amounts on the home loan through a chapter 13 bankruptcy plan, while reorganizing debts under the bankruptcy proceeding.

Many people in Ohio continue to struggle with home mortgages. Part of the length of the foreclosure process in the state can be linked to the volume of homeowners facing foreclosure in Ohio courts. A

 spokesman for RealtyTrac recently told the Dayton Daily News that, "It's taking longer because the sheer volume of foreclosures has overwhelmed the current framework in place for processing foreclosures." Some banks, he says, have taken shortcuts. This blog has previously discussed the "robo-signing" scandal that plagued homeowners across the country.

Source: Dayton Daily News, "Foreclosure process takes an extra 6 months in Ohio," Chelsey Levingston, Aug. 12, 2012

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