Foreclosures are on the rise in the Dayton metro area, with Montgomery County having the highest numbers. This comes from the foreclosure filing company, Realty Trac.
Montgomery, Greene and Miami Counties saw a 30 percent increase in foreclosure filings in August from the same time a year ago. Montgomery County had the largest increase from 663 filings in August 2009, to 884 last month. University of Dayton economist Richard Stock says because of recent jobs loss, this doesn't come as a surprise.
As home foreclosures rise, so do the number of people trying to take advantage of those in a bad situation. More and more, scams are popping up across Ohio. In May, the Attorney General's office launched a crackdown on the shady practices. WYSO's Emily McCord reports on the on-going effort.
When a house is for sale, an evaluation is done to determine its value before a loan is made. Appraisers are trained to make judgments about the value of properties with "boot-on-the-ground" inspections. In the past, a few appraisers were influenced by over zealous brokers and lenders. Now there are new guidelines in place. But are they protecting the consumer or making money for the lender?
For people in the Miami valley who are in trouble with their mortgage payments, a phone call to the lender is often the first step to some sort of a solution. Many major banks have agreed to work with the Home Affordable Modification Program which was designed to help homeowners stay in their homes. But sometimes when phone calls go unanswered and communication is delayed, foreclosure will proceed.