Foreclosures in Columbus Ohio and various other areas saw a sharp increase in 2024, yet they remained below pre-pandemic levels. Home dispossessions surged last year in Columbus and across the nation but remained below pre-pandemic levels. According to the real estate data service Attom, 74 properties in central Ohio were abandoned last year, marking a 150% increase from the previous year. These abandonments were part of 2,311 foreclosure-related filings, which included default notices, sheriff sales, and repossessions, filed in central Ohio last year—more than double the number in 2022, as reported by Attom.
National Foreclouses Increase Post Pandemic
Nationally, foreclosure filings rose by 115% last year compared to 2022 but remain 34% below 2019 levels, prior to the Coronavirus pandemic. The decrease in foreclosures in 2020 was attributed to state and national foreclosure moratoriums during the pandemic. Rick Sharga, Executive Vice President of Market Intelligence at Attom, stated, “Eighteen months after the end of the government’s foreclosure moratorium… foreclosure activity remains significantly lower than it was before the Coronavirus pandemic. Clearly, government and mortgage industry efforts during the pandemic, combined with areas of strength for homeowners, have prevented thousands of unnecessary foreclosures.”
Columbus Ohio Foreclosure On The Rise
Foreclosures are on the rise amid a slowdown in the real estate market. Despite high prices, home sales plummeted last year. However, the recent sharp increase in home prices has enabled most homeowners behind on their mortgage payments to sell their homes for more than they owe, thus avoiding repossession. Sharga noted, “Unlike foreclosure activity during the Great Recession, the majority of homes in foreclosure are not being repossessed by banks.” He added, “Our recent homeowner equity report shows that 93% of borrowers in foreclosure today have positive equity, which they seem to be using to avoid foreclosure by refinancing their mortgage or selling the property at a profit. It seems likely that this trend will continue in 2024.”
Foreclosure-related filings increased in all Ohio metro areas, including:
- Columbus: 2,311 filings, up from 926 in 2023
- Akron: 1,422 filings, up from 694 in 2023
- Canton: 695, up from 319
- Chillicothe: 117, up from 47
- Cincinnati: 2,742, up from 1,256
- Cleveland: 6,755, up from 3,512
- Dayton: 1,405, up from 609
- Mansfield: 152, up from 80
- Marion: 121, up from 60
- New Philadelphia: 106, up from 46
- Toledo: 936, up from 374
- Wooster: 39, up from 28
- Youngstown: 872, up from 512
- Zanesville: 160, up from 75
What To Do When Getting Foreclosed On In Columbus Ohio
Facing foreclosure is undeniably daunting, but you’re not alone in this. If you’re in Columbus, Ohio, and finding yourself on the brink of foreclosure, here’s a comprehensive guide to help you navigate through this challenging time and find a way forward.
- Assess Your Situation: Take a deep breath and evaluate your financial situation. Understand the foreclosure process in Ohio, including the timeline and your legal rights as a homeowner.
- Open Communication with Your Lender: Don’t wait until it’s too late—reach out to your lender as soon as possible. They may be willing to work with you on options like loan modifications, repayment plans, or other alternatives to foreclosure.
- Explore Government Programs: Investigate government assistance programs available to homeowners facing foreclosure in Ohio. Programs like the Home Affordable Modification Program (HAMP) or the Ohio Save the Dream program may offer relief options.
- Seek Legal Advice: Consider consulting with a foreclosure attorney who can provide expert guidance on your rights, the foreclosure process, and potential defenses or options available to you. They can help you understand your legal options and protect your interests.
- Gather Financial Documentation: Collect all necessary financial documentation, including bank statements, pay stubs, tax returns, and any correspondence with your lender. Having this information organized will be invaluable when discussing options with your lender or attorney.
- Explore Sale Options: Selling your home before foreclosure becomes inevitable could be an option. Consult with a real estate professional who has experience with distressed properties—they can help you understand the market and potentially find a buyer even in difficult circumstances.
- Attend Foreclosure Counseling: Take advantage of foreclosure counseling services offered by HUD-approved housing counseling agencies. These counselors can provide guidance on your options and help you navigate the foreclosure process.
- Stay Informed: Stay informed about your legal rights and responsibilities throughout the foreclosure process. Keep track of important deadlines and requirements to avoid any surprises.
- Consider Bankruptcy: Evaluate whether filing for bankruptcy may be a viable option to stop foreclosure proceedings and reorganize your debts. A bankruptcy attorney can help you understand the potential benefits and consequences.
- Prepare for Transition: Start preparing for a potential transition out of your home. Explore housing options, budget for moving expenses, and consider how to handle personal belongings and assets.
Remember, facing foreclosure is a challenging experience, but it’s not the end of the road. With the right support, resources, and proactive steps, you can find a way forward and rebuild your financial stability. Reach out to trusted professionals, explore your options, and take control of your situation. You’ve got this.
Published by: Nelly Chavez
