It is a verifiable fact that foreclosures in high numbers can destroy neighborhoods. Ohio state representative, Matt Lundy explains how mortgage company settlements can assist residents in that state. People in Columbus and all of Ohio have helping residents retain home ownership as a high priority endeavour. Jobs are key to enabling homeowners to keep up with mortgage payments.
With one out of six of those holding mortgages in the state being late with payments or in foreclosure, it adds to the crisis of a third of all mortgage holders that owe more money on the mortgage than they can sell the property for.
There is a new federal bureau that protects consumers. It has received a $25 billion settlement from five individual mortgage lenders who were found guilty of foreclosure abuse, practices that were unacceptable and outright fraudulent practices. Of the $25 billion won on the federal level, Ohio will receive approximately $335 million on the state level.
The housing market in Ohio is in need of help to avoid additional foreclosures. A person who lost a home due to abuse of lending practices will receive cash payments. The homes must have been lost in the time period between January 1, 2008 and December 11, 2011. The real estate market will be stabilized as a result of these payments.