Ohio’s Foreclosure Problem Continues in 2013

: Chris Lee Law Firm

  Filed under: Financial News

National data shows that mortgage debt problems are alleviating for homeowners throughout the nation, but not all states are experiencing the same levels of improvement. Despite reports showing an improving housing market, Ohio experienced over 90,000 foreclosures throughout the whole of 2012. A conference was recently held in Cleveland to identify why Ohio still faces a critical foreclosure problem.

Advocacy Groups Promote Ohio Foreclosure Prevention

The advocacy group, Empowering and Strengthening Ohio’s People, is involved in helping homeowners get back on track with their mortgage and prevent foreclosure statewide. The group serves as a sort of watchdog, keeping a close eye to ensure that settlement promises are upheld.

The group started playing a prominent role in Ohio after the National Mortgage Settlement, which was worth a total of $25 billion, was found guilty of abuses such as “robo-signing” financial documents. Furthermore, the mortgage settlement isn’t being equally distributed to states. California, for instance, has received more federal help in foreclosure prevention than Ohio.

However, the disproportionate allocation of funds is being accredited to two factors:

The California Attorney General initially held out on the mortgage settlement, only accepting help on the state’s terms. By setting forth demands, the state was able to get more money.
Home values are higher in California than they are in Ohio, making the homes there more attractive for bailout from mortgage problems than homes in Ohio. This is just one reason why foreclosure prevention has been so prevalent in California and other regions where home values are quite high.

Ohio isn’t alone in complaining about the division of money among the states trying to combat mortgage debt for its citizens. New York recently announced that it’s seeking enforcement against two lenders that violated the agreement. According to New York, the banks broke the standards in how they should contact and interact with homeowners after they ask for a loan modification.

Regardless, Ohio continues to seek support for both demolition and housing counseling. As the state’s foreclosure problems continue in 2013, Ohio remains focused on achieving mortgage solutions for its homeowners.

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