When you think of Ohio, what do you think of? Football? The Ohio River? Lake Erie? The Buckeyes? Well, add this to your list: Home Foreclosures.
In Ohio, more than anywhere else in the United States, people are losing their homes. In the first six months of 2007, Ohio recorded 44,594 foreclosures. The state’s foreclosure rate has been higher than the national average for every quarter since the end of 1998. Ohio has had more home foreclosures than any state except Florida and California.
While the exact reason for this phenomenon isn’t certain, several factors play key roles: Ohioâ€™s sagging economy, unwise investments by mortgage brokers, and increased payments under adjustable rate mortgages (ARMs). An estimated $14 billion in Ohio ARMs will see their rates adjust over the next five years. It’s possible that many people with ARMs will see their monthly mortgage payments nearly double in the near future.
If you are behind on your home payment and the bank is threatening foreclosure, give us a call to speak with an attorney about your legal rights and options.
Joseph H. Spring, Esq.
MARK E. GODBEY & ASSOCIATES
708 Walnut Street, Suite 600
Cincinnati, Ohio 45202
(513) 241 – 6650 phone
(513) 241 – 6649 fax