Ohio Counties Get Foreclosure Settlement Funds to Raze Blighted Homes

One of the forgotten and unintended consequences of the foreclosure crisis is the number of abandoned or blighted homes in residential communities. Ohio Attorney General Mike DeWine allocated funds from the national foreclosure settlement to the state’s 88 counties to clean up or raze these blighted properties.

Ohio received $330 million of the national $25 billion settlement. Each state was given the freedom to decide how they wanted to use this money to help troubled homeowners. Many states want these funds to go to troubled homeowners to help them pay for foreclosure attorneys and counseling services.

In Ohio, lawmakers have decided to devote $78 of the settlement funds to help distressed communities clean up or demolish abandoned or blighted properties. These empty homes are not only an eyesores, but can beacons for vandalism and squatters. These properties are rarely maintained and depress home prices in adjacent neighborhoods and communities.

Aside from foreclosure, decreasing home prices are having a negative effect on the economy, as a large number of Americans have lost wealth due to declining home values.

Preventing foreclosure with the help of an Ohio foreclosure attorney is beneficial to the homeowner, along with other members of their communities.

A foreclosure lawyer can offer a troubled homeowner a number of alternatives that can stop foreclosure. Short sales and mortgage modifications are feasible solutions to default, but require a person with legal expertise to engineer. 

In some instances an Ohio foreclosure lawyer can allow a person to stay on their home through a personal bankruptcy.