If you currently live in Ohio you understand the current foreclosure situation. Because of a lackluster economy, rising prices, and poor job market, it has been difficult for homeowners to meet their mortgage payments. The following data explains both the foreclosure situation in Ohio and how it relates to the rest of the country.
Increase of foreclosure filings
In 2013 there have been a startling amount of foreclosures, and new data confirms the continuation of this trend. RealtyTrac, the foreclosure-data firm based in Irvine, California compiles the number of foreclosure-related documents each month. In March 2013, RealtyTrac reports that 10,731 foreclosure-related documents were filed, up 27.4 percent from the number of filings in March 2012. To put the number of filings in perspective with the population of Ohio, RealtyTrac states that 1 in every 477 housing units in Ohio received a foreclosure filing in March 2013. The national average in March 2013 for housing units receiving a foreclosure filing was 1 in every 859 houses, signaling a higher amount of filings per housing unit and a sense of urgency in Ohio.
Defense against foreclosure
The current foreclosure situation in Ohio is devastating to hard-working Americans and their families. It’s important to seek legal advice if you find yourself in this situation so you can set your finances in order. Chapter 13, also known as reorganization bankruptcy is a viable option if you have and would like to keep non-exempt property, and have a steady income that will pay your everyday expenses. Chapter 13 allows you to create a court-approved debt payment plan of three to five years based on your income. Your debts are then consolidated into one payment made to a Chapter 13 trustee, who disburses the payments to your creditors.
If you would like more information about foreclosure filings in Ohio or the Chapter 13 process, or if you have received a foreclosure notification, Contact Chris Wesner for a free initial consultation. We can assist you in the foreclosure process and other bankruptcy-related issues.