218,430 New Foreclosures - October 2021 - Last update October 21, 2021 12:00 AM EST

Stopping Growing Foreclosures

The call of the hour is to stop growing foreclosures. It is impossible to go about daily work without coming upon the word ‘foreclosure’ coming up in newspapers and television reports. Foreclosures are stretching its tentacles beyond to far flung Ottawa and Sandusky in Ohio State at an alarming speed.

The foreclosure is a legal process undertaken by the lender to realize dues; ultimately it will lead to the loss of the house that is the home. Foreclosures may start off as soon as even one payment is missed.

Ottawa County has risen to the foreclosure challenge by setting up a campaign known as Save Our Homes. The participants are officials of the county and social service workers. It also goes by the name of Foreclosure Intervention Xperts Committee. The campaign concerns education and is not a financial help out scheme. The officials lay stress on this point.

In the past few years Ottawa County has seen dramatic spikes in predatory lending, teaser floating rates of interest coupled with a slowing down of the economy. In 1995 there were 45 foreclosures but in 2007 the number shot up to 386. Across Ohio, 33 such committees have been set up to tackle the foreclosure problem.

The situation is broadly similar in Sandusky County. In 1995 there were only 42 foreclosure postings but that jumped to 232 in 2005 – recording a hike of 452%. In 2006 it further increased to 302. As yet 2007 figures have not come in.

Sandusky County has not yet organized itself to form a county force. But its treasurer Irma Celestino comments that this is something she will look into within the forthcoming months. Meanwhile her staff is helping those who seek advice regarding foreclosures. She provides the answers to as many queries as she can and then forwards the matter to the office of the sheriff and the prosecutor. The foreclosure papers originate from this point. She stresses that the most important thing is not to ignore foreclosure when it knocks. She reminded that the ‘skyrocketing foreclosure rate hurts us all.” She explained that it is not just about that other person down the street losing the house but that the infection spreads like a virus. Many have lost jobs. Others have failed to balance their income with expenditure. The typical family tragedy invariably strikes suddenly without warning. Foreclosures have a snow balling effect.

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