Crisis in Stark County Foreclosures

July 22nd, 2008 | Category: Foreclosure

The situation is alarming in Stark County regarding foreclosure. Every year thousands of Stark residents are losing their real estate, property or home. addition, the number is heightening each year. Until June of that year, already nearly 1,600 homeowners have become victim of the foreclosure situation, which is nearly 14.5% more than that of final year. However, the county officials don’t think that to be worrisome, as they are expecting a more troublesome year ahead.

Out of financial crisis, mostly considering of job loss, public are unable to repay their debt, and rescue their real estate property under mortgage. They are even more frustrated as they are not getting any suitable substitute job. And that is the main reason of the increasing number of foreclosure filings all through the country. The problem is even worse due to sub prime lending, and adjustable rate mortgages, which seem to offer low interest rate initially, but actually start charging higher interest rates after a period of date.

According to David Maley of the Stark County Auditor’s Office and a member of the county Save Our Homes Coalition, that number is still lower than expected. The lenders and home owners are negotiating among themselves to solve their problem, according to his assumption.

Not only in Stark County but additionally all by the state of Ohio, the situation is worsening. As per an online housing research group, RealtyTrac, Ohio is the ninth among the top 10 states with the maximum foreclosure filings.

People are rushing to the housing counselors for help, but the number of counselors in

the county is much less than its actual requirement. According to Barb Richman, director of emergency assistance and housing for Catholic Charities of Stark County, and a HUD-certified housing counselor, the number should be double at least. For the residents, she advises to not to wait for any wonder, and come forward to their counselor as early as possible. To avoid their properties from being foreclosed, it is essential to think financially instead of emotionally, she said.

In that crisis period, Stark residents have started a ‘Save Our Homes Coalition’ in a mission to rescue their homes from that unwanted danger. Nevertheless, it is even better for the homeowners to talk to the lenders in order to save their homes or other real estate properties before they reach foreclosure. whether it is not sorted out soon after it is advisable to refer a housing counselor at the earliest.