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November 2011 Archives

Lender changes locks while owners seek short sale

Many distressed homeowners across the country have looked for ways to deal with mortgage issues since the economy collapsed. Workers in Cincinnati, and across Ohio, know that the economy has not only affected housing prices, but jobs as well. Layoffs have led many people who have been responsible with their debt to find themselves struggling to make ends meet. But as the housing market crumbled, many homeowners found them underwater on the mortgage, complicating what options may exist.

Restoring bad credit under available law

Issues surrounding bad credit have always concerned families, and individuals, across Ohio. The credit reporting system can seem like an enigma for many Cincinnati residents. Part of the difficulty for consumers is the fact that, while people are aware that credit reporting companies exist to track credit history and compute credit scores, the issue usually only becomes concrete when a consumer decides to buy a car, a home or enter some transaction where a credit history is required.

Underwater mortgages rise to 28.6 percent in third quarter

The unique housing market that has gripped the country for the past few years have placed many Ohio residents in the historically unusual situation where they owe more on their homes than the property is worth in the marketplace. So-called "underwater" mortgage have increased across the country, according to recent data released by Zillow. The number of U.S. homes that were underwater on the mortgage jumped to 28.6 percent during the third quarter of this year.

ABI: Bankruptcies drop eight percent during first nine months of 2011

Economic statistics come in all forms. Since the economic crunch hit the nation's economy, the news has been full of stories showing ups here and downs there. Recently, the American Bankruptcy Institute announced that the number of bankruptcy cases filed nationwide fell slightly during the first nine months of this year.

Ohio, nation's student loan debt grows

Student loans are somewhat of a unique animal in terms of debt. Many Ohio residents rely on student loans to finance a college or university education in the hopes of securing a more stable financial future. However, in today's economic times, many college graduates are finding that their debt load after graduation is much higher than just a few short years ago.

TransUnion says mortgage delinquencies rise for first time in two years

Efforts to control the economic damage in the wake of the foreclosure crisis have been a hot-topic for some-time now. But new evidence suggests that current homeowners are beginning to fall behind again on their mortgage payments across the country. Ohio was hit hard during the economic downturn, with increased debt, lower employment and the heavy hand of foreclosures weighing on the state's economy.

Study: wealth gap between age groups grows during recession

One of the adverse byproducts for youth in Cincinnati and other areas of Ohio from the recent economic doldrums appears to be a growing wealth gap between older and younger Americans. Researchers have long studied the gap between the wealth held by different age groups. The study looked at the value of assets versus overall debt loads.

Government ordered individual foreclosure reviews begin

The first batch of letters was mailed Tuesday to some former homeowners who lost their home to foreclosure informing them of their right to have the foreclosure procedure reviewed. The long-awaited foreclosure review process kicked off this week with the formal mailing that was ordered by the federal government. The foreclosure review process is generally available for prior foreclosures conducted in 2009 and 2010 by 14 mortgage servicing companies and their affiliates.

Ohio layoffs drop significantly in October

In what seems to be an endless string of troubling economic news, some good news is making headlines in Ohio this week. The outplacement firm Challenger, Gray & Christmas says that overall layoff announcements in Ohio dropped a staggering 83 percent in October. The Ohio numbers were better than the national trend, where layoffs dropped by more than 60 percent. Ohio ranked second in the Midwest in October for planned layoffs, according to the recent report.

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