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Foreclosures up in central Ohio

Ohio foreclosures are down overall, and so are foreclosure figures nationwide. However, in central Ohio, the story is quite different as foreclosure numbers are on the rise.

According to a monthly report offered by RealtyTrac, a realty trends information service, November saw a continued decrease in new real estate foreclosure filings nationwide last month. However, it saw an uptick in home repossessions that were already in foreclosure. In November, banks completed the least number of foreclosures on homes since May 2005, 41,208 in total.

On the other hand, banks repossessed 40,329 homes in November that had already begun the foreclosure process. This is 60 percent more than were repossessed last year. Looking at 2015 overall, bank repossessions have increased by 35 percent since 2014.

As for the state of Ohio, foreclosures dropped 20 percent compared to last years November figures. However, repossessions had risen by 8 percent. Central Ohio is a little different. Central Ohio saw the completion of 265 home foreclosures in November. This is 51 percent more foreclosures than happened last year in November. Meanwhile, 254 homes were repossessed by banks in November, which is 7 percent less than last year at this time.

The home foreclosure process can be devastating. To spend years working so hard to pay off your mortgage, and then have your home stripped away from you because you hit hard financial times is a devastating reality that many Ohio residents are facing. Fortunately, certain cases of home foreclosure can be delayed or prevented through the personal bankruptcy process. By speaking with a qualified bankruptcy attorney, you can find out if the bankruptcy process could help you from losing your home.

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