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Abuses by mortgage companies against consumers have received much attention in the past few years, with several high-profile national settlements. Now, SunTrust Mortgage, Inc. can be added to the list of companies who have to pay consumers back for millions of wrongful gains due to abuses in mortgage servicing, mortgage origination and foreclosure. The company recently entered into a settlement…
Many Ohio real estate specialists will tell you that having a foreclosure in your neighborhood can drive down the selling price of the rest of the homes on your block. But the effect may be more than financial. A recent study published by a journal of the American Heart Association found that having foreclosures in your neighborhood can also increase…
A nonprofit’s annual study of foreclosures in Cincinnati and Hamilton County found reason for homeowners to feel hopeful, as well as continuing cause for concern. The number of foreclosure sales in 2013 was down 17.5 percent. Twenty-four percent fewer foreclosure proceedings were initiated during the year. Despite the good news, the group pointed out that there were 22,000 foreclosures in the county…
According to an article examining foreclosure filings in Ohio, what began as a problem affecting mostly urban areas in the mid-1990s ballooned to crisis levels, with more than 70,000 new foreclosures filed in 2012. In addition, the Dayton Business Journal reported that in early 2013, Ohio saw the scheduled foreclosure auction total rise by 73 percent from 2012, which resulted…
The prospect of facing foreclosure and losing your home can be traumatic. This reality faces many, including the mayor of Akron, Ohio, who had to deal with the possibility of foreclosure on his former home recently. The foreclosure action was filed by Wells Fargo bank on the property jointly owned by Akron Mayor Don Plusquellic and his former partner. Although his name…
In the past several months, some have heralded the fact that the foreclosure crisis is over. Having addressed abuses like overextended credit, wrongful evictions, and other practices that took the dream of homeownership away from many families, lenders seem to have changed the way they handle the foreclosure process. But, have these wrongful practices really disappeared? Or have they just shifted to…
After several years of record-setting foreclosure rates in Ohio, the rates dropped in 2013 as compared to previous years, according to a news report. Even though that sounds like good news, Ohio does still rank fifth in the country in the rate of foreclosures. In 2013, one of every 65 properties in Ohio was involved in the foreclosure process at…
In the wake of the housing market crash, mortgage lenders have gotten a bad reputation for improper and rushed foreclosures that violate the rights of homeowners. In a case that is currently before the Ohio Supreme Court, a bank has filed a foreclosure action against an Ohio couple before the bank even held the mortgage. The couple reportedly had a mortgage with…
Foreclosure has been an overriding concern for many homeowners since the housing bubble burst in 2007. According to housing analyst data, Ohio has been listed as one of the states with the greatest percentage of deeply underwater foreclosures occurring. Fortunately, these foreclosures appeared to have been declining in December as we are seeing more homes described as being rich in…
After years of negotiations and press scrutiny, five of the nation’s largest banks settled with both federal and state officials in early 2012. In their settlement, the banks assured officials and the American public that their widespread abuse of the foreclosure process was history not to be repeated ever again. Unfortunately, these promises remained intact for fewer than two years.…