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Foreclosures in Ohio increased between December and January

Being at risk of losing a home in Ohio is a time of uncertainty. Foreclosure is an issue that faces many Ohio residents, and even though the amount of filings have fallen when compared with last year, there are still those who find themselves in need of help. One kind of help can come in the form of bankruptcy, as a way to regain control of the situation. Personal bankruptcy has the potential to give homeowners a chance at saving their homes, whether it is through Chapter 7 or Chapter 13 bankruptcy.

There are many Ohio residents who are in trouble with their mortgages as the state saw an increase in the amount of foreclosure filings from December to January. But the general trend is still downward when compared to statistics from the previous year. A total of nearly 6,000 foreclosure documents were filed statewide in January, a 23 percent increase from December. However, this number is 31 percent below the amount of foreclosures filed in January 2013. 

Single-family homes that go through foreclosure in central Ohio are easily absorbed as buyers are facing a tight housing market. There are few conventional homes available for sale for those seeking a residence.

The increase of foreclosures in Ohio bucks the national trend, which is much lower. Foreclosures across the U.S. increased 8 percent from December to January, but down 18 percent from the same time a year ago. 

Ohio residents who are seeking to find help with keeping their homes may find help in the form of personal bankruptcy. Filing for insolvency can stop foreclosure by the bank and gain time for the homeowner. In order to find out how this process works many people contact a bankruptcy lawyer. A lawyer might assess the foreclosure situation and may be able to assist the owner with retaining their property through the bankruptcy process. 

Source: The Columbus Dispatch, "Ohio Foreclosure Filings Up 23 Percent Last Month," Feb. 13, 2014

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