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Ohio foreclosure proceedings increase, making stopping it crucial

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 in need of help stopping 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 the foreclosure distinction 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 working at stopping 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 an action they often seek ways to save their homes by stopping foreclosure. 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 saving of a home. To ensure that the individual takes steps that can be the most affective, 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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