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More Ohio homeowners work at stopping foreclosure

Readers in Ohio may be surprised to learn that our state is one of the highest ranked in the nation for an unfortunate distinction. As it turns out, we are among the top three states in the union for foreclosure actions. This dubious fact means that we have some 32.5 percent of all mortgages in our state underwater and at risk for foreclosure.

According to a recent report, one on 427 homes in our state is in foreclosure. This is the highest that our state has had since 2007. In fact, the new numbers show a 73 percent increase over a year ago. This is a 68 month high for our state's foreclosure rate.

For those of us in Ohio who are facing foreclosure, the impact of the increase is real. A filing means that there is a possibility that a homeowner could lose their family home to the mortgage holder. However, the good news is that there are ways to fight such an action.

When people in Ohio face foreclosure they often seek ways to save their homes. Methods that are successful include filing a bankruptcy or negotiating with lenders. These can be difficult and confusing processes, though the result can mean the avoiding a home's loss. To ensure that the individual takes steps that are most affective when dealing with mortgage holders, it may be a good idea to review the applicable foreclosure laws as they relate to an individual case. This can help as a homeowner enters the foreclosure process.

Source: Dayton Business Journal, "Ohio foreclosure rate among top three in U.S.," Olivia Barrow, May 9. 2013

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