The housing market in Columbus, Ohio fluctuates in conjunction with the job market. People in this city are banding together to promote job retention as well as enabling them to keep the houses that are in danger of foreclosure. The fact is reported that a full third of homeowners in Ohio are in the unfortunate position of owing more money in mortgage payments than what they could sell their house for. In addition are the one in six homeowners who are either in foreclosure or somewhat delinquent.
A settlement of $25 billion was announced for Ohio by the federal Consumer Finance Protection Bureau. It is over foreclosure abuse, unacceptable mortgage methods and outright fraud. Ohio will be the recipient of approximately $335 million.
Mortgage holders who lost a home at any time between January 1, 2008 and Dec. 11, 2011 will be awarded a cash settlement payment. This is one of the actions that will keep more Ohio homeowners from in their homes. This stabilization is facilitated by eliminating as many foreclosures as possible. Neighborhood destruction will be stopped by this action.
A promising housing market is tied into the economy, especially the creation of new jobs to enable homeowners to maintain their mortgage payments. This will prevent the flooding of the real estate market with additional foreclosed upon homes.