Foreclosure Articles and News

Foreclosure Filings Becoming More Expensive

The price rise is noticeable everywhere – even foreclosure filings have become more expensive. In Warren with state lawmakers having given the green signal, the county officials have increased the cost of foreclosure filings in the court. It has jumped from $165 to $565 on the first day that the House Bill 138 became alive.

Several other counties have been raising the cost. Meetings were held by Trumbull court personnel and other departmental heads to chalk out a strategy to speed up the time taken for closing foreclosures and handing over the units to the new owners. The new law also focused on the expediting of the process.

The figures of Ohio Supreme Court were cited that indicated a 5% rise in foreclosures. There were 83,230 foreclosures in the previous year showing a 280% spike over the last decade. Last year in Trumbull County there were 1,526 foreclosure postings last year in sharp contrast to 443 in 1997. This year till 31st August there has been 1,021 foreclosure postings according to court records

The court does not plan to hire extra help. The money will fund the supplies and operational costs in general. An amount of $100 will be kept for the court special projects fund. It targets upgrading certain court amenities like security, purchase of better equipments and meeting of other emergency requirements.

The point to note is that the money is coming not from the taxpayer but from those who are using court help for their own purposes. The money will come from the banks and mortgage houses that will recoup the loss from the sale of the houses. So far while the foreclosed houses waited for action the state was deprived of taxes.

Ohio has started using the extra money to create a separate drug court. The filing fee here went up from $400 to $520 about two years ago.

Jason Earnhart a magistrate of the court said the new law is being scrutinized to bring it in accordance with the state rules. He said, “Basically, the state wants things done in 60 days.

Our increased fee alleviates any draw on the county’s general fund.” Speaking about the foreclosures he said that most of them end up in the Sheriff’s sale. The few that do not are either bankruptcy cases or instances of settlement between the lender and the borrower. Lately foreclosures have increased from 17% to 40% of the total civil cases.

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