Crisis in Stark County Foreclosures

July 22nd, 2008

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

Out of financial crisis, mostly because of job loss, people 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 throughout 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 begin charging higher interest rates after a period of time.

According to David Maley of the Stark County Auditor’s Office and a member of the county Save Our Homes Coalition, this 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 also all over 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 necessary to think financially instead of emotionally, she said.

In this crisis period, Stark residents have started a ‘Save Our Homes Coalition’ in a mission to rescue their homes from this 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. If it is not sorted out then it is advisable to consult a housing counselor at the earliest.