A simple scan of court cases today compared to those of three years ago will let you see that the number of foreclosure cases has diminished across the state of Ohio. In fact, in 2014, the annual sum of completed foreclosures declined 15% from 2013…but still remains at twice the level of normal activity from 10 years ago (Corelogic, December, 2014).
The five states with the highest number of completed foreclosures for the 12 months ending in December 2014 were Florida at 118,000 foreclosures, Michigan at 49,000, Texas at 35,000, California at 29,000 and Ohio at 28,000 foreclosures. These five states accounted for almost half of all completed foreclosures nationally.
But what do homeowners need to do if they find themselves in the difficult situation of not being able to pay their mortgage? Where can they go for answers? For many homeowners, they breathe a sigh of relief when the mortgage papers are signed and a lender has agreed to finance their home. But even though the papers are signed, it doesn’t mean that homeowners can become lax about considering their investment.
As long as there have been mortgages, there have been mortgage holders who have experienced the problems that life brings to us. A loss of job, or reduced work hours, a divorce or separation in the family, a wage earner who needs to go on disability can all deal crucial blows to a family’s intentions to pay their mortgage in a full and timely way.
Add to this, some current questions from homeowners that include, “How do I verify that my insurance and taxes are paid if my mortgage payment is escrowed,” and ‘how is my mortgage impacted if I file for bankruptcy?’ and “what options do I have if I am worried about not being able to pay my mortgage for a short period of time?” Your lender might have answers but if your worry is great enough, you might want to find answers from another source.
Mortgage holders have questions. But many don’t recognize their ability to negotiate a change in their mortgage when they are in a worried state. They don’t negotiate a mortgage modification or a forbearance or a repayment plan.
But you can help. Homeowners in trouble can get help with Ohio’s Foreclosure Prevention Hotline. Housing Counsellors are available at 888.404.4674 to help homeowners with their questions.
Ohio State University Extension staff, through October of 2015 are available to provide a 20 minute talk about foreclosure prevention for your community group. Call and find out if it might help one of your neighbors, friends or family members before their home is lost to foreclosure.
