Lisa Simpson
Jan 18,2010
In: Foreclosure

The Foreclosure Numbers in Coshocton County at the Close of 2009 is the Same as that of 2008

The foreclosure numbers in Coshocton County.

At the close of 2009 the number of foreclosures in Coshocton County is nearly the same as that of 2008. At the start of December there were 186 foreclosures in the county. In 2008 the total had been 208.

The Deputy Sheriff of the county Steve Fox said he had not “noticed any decreases.” On an average he had been seeing anything from 6 to 15 foreclosure postings on his desk per week. He said, “As far as foreclosure numbers, it kind of looks to me like we’re running pretty much the same, or maybe just a tad up from last year. I do see a lot of cancellations. I see more withdrawals this year and homeowners filing bankruptcies than I did last year.”

However bankruptcies have been increasing. This can often cause foreclosures to come to a halt. Jeff Massey an attorney from Zanesville who deals with many clients from Coshocton said, “They’re up all over the U.S. and I’d say definitely up locally. A lot more people are filing for Chapter 13 bankruptcies, which is what they can do to catch up on the foreclosure.”

As per the findings of the Bankruptcy Court of USA bankruptcy filings have increased in the southern district of Ohio. It comprises of the counties of Jefferson, Harrison, Belmont, Monroe, Guernsey Noble, Washington, Morgan, Perry, Muskingum and Coshocton.

The president of Home Loan and Savings Banks Kyle Hamilton said that he had been noting a drop in foreclosure numbers. He explained that these are not because of the toxic loans but mostly because of the sour condition of the economy that has led to innumerable job losses in the locality. He commented, “The job losses that have happened in our community — I think it’s been a long enough period of time; a lot of those people have been fortunate enough to find other employment.” Hamilton stressed that communications between the lender and the borrowers are vital for the saving of the house. He explained that the banks were not after the property but they wanted to work out a viable plan until the client regained his or her lost foot hold.

Attorney Massey suggested that the sole way of stopping a foreclosure auction was to file bankruptcy (chapter 13). He opines that this is a significant legal tool about which many are not aware of. It permits the borrower to consolidate the debt and repay over a period stretching from three to five years.