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Ohio foreclosure numbers don't look good compared with rest of US

For people in the Cincinnati area who are feeling overwhelmed with debt and worried they could be in danger of losing their house, filing for bankruptcy might be a viable option. Filing under Chapter 13 or Chapter 7 could allow someone who is behind on mortgage payments to stay in their house and avoid foreclosure. It seems, however, as though not enough people in Ohio are taking advantage of this potential benefit to filing bankruptcy.

The problem is not unique to our state, of course. Current estimates show that almost one-fifth of all homes with a mortgage in the United States are in negative equity. That's actually a drop from the previous time data were compiled: then the figure was almost 22 percent. By comparison, in what experts consider to be a healthy housing market, that figure should only be around 5 percent.

When it comes to ranking states in terms of their foreclosure rate, Ohio is one of the worst states. Only two other states, Maryland and Florida, had higher foreclosure rates last month than Ohio. For us, completed foreclosures rose by 20 percent last month.

When Cincinnati residents consult with an Ohio bankruptcy attorney, they can learn about the options that are available to them, including ways they can remain in their house throughout the bankruptcy process. It can be very useful to get professional advice in this regard; many of the people who lost their homes may not have had the same foresight and attempted to stave off foreclosure on their own.

Source: NewsNet5.com, "US home foreclosures on track for 6-year low; Ohio among top 10 for foreclosed houses," Alex Veiga, Aug. 14, 2013

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