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Is a new wave of home mortgage foreclosures on the horizon?

News reports of recent increases in home sales, and stabilizing or, improvements in home market prices have been greeted with welcome relief across the country. As this blog recently reported, foreclosures declined last year at the same time 49 states and the federal government were negotiating with the major mortgage servicing companies toward the recent settlement in the home mortgage foreclosure scandal.

The foreclosure settlement includes various ideas that are intended to help distressed homeowners maintain possession of their homes. That and the recent news on home sales and market prices are positive signs. However, some people who watch the housing and credit market, or foreclosure issues, believe that a second wave in foreclosures may be on the way.

The executive director of Empowering & Strengthening Ohio's People, a statewide counseling group, recently told Reuters that he thinks, "We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010."

There is no question that Ohio was hit very hard by the economic collapse and ensuing foreclosure crisis that has occurred for roughly the past five years. Last year, at least as far as home mortgage foreclosures go on a statewide statistical basis saw a welcome decline. ESOP's executive director says, "Last year was an anomaly, and not in a good way."

Statistic data concerning the rates of foreclosure for 2012 has generally not been compiled on a national scale. One mortgage servicing company said that overall foreclosure starts soared 28 percent in January. And a watchdog group down south that is credited for helping to bring the "robo-signing" scandal to light says resurgence in foreclosures this month has appeared in the previously hard hit area around Palm Beach County. Same say similar increases could be replicated across the country.

Statistical data, however, only shows an overall trend that may occur at some geographical level. Cincinnati bankruptcy lawyers know that, although statistics may show that many are suffering financial distress, what truly matters in an individual household, is that household's financial status.

The prospect of foreclosure, or other issues involving collections, such as garnishment, bank account seizures, repossessions and just plain creditor harassment, can often act as a catalyst to learn more about bankruptcy protection. Any Ohio resident facing financial distress, may be able to learn more about the fresh start provided under our nation's bankruptcy laws without reading national statistics, but may speaking with an experienced debt relief professional.

Source: Reuters, "Americans brace for next foreclosure wave," Nick Carey, April 4, 2012

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