The Foreclosure Report

Ohio Leads The Nation

The Dayton Daily News reports on the rush at the courthouse. "So far in October, expected to be the boom month because of sweeping changes in federal bankruptcy laws that go into effect Monday, Ohio leads the nation in filings. The Southern Ohio Bankruptcy Court includes Dayton, Cincinnati and Columbus."

"Court Clerk Michael Webb said he doesn't know why the state is ahead in the bankruptcy game, but said home foreclosures generally herald a rise in bankruptcies. In September, the state attained the No. 1 ranking in the country as the leader in mortgage failures and house foreclosures, with Montgomery County leading the state."

"Webb said last-minute filings remind him of the approach of the annual April 15 tax-filing deadline. As Friday afternoon wore on, lines formed at each of the four clerks' windows nearly out the door, he said."

"'This is historic for us,' Webb said. 'We knew we were going to get crushed, we just didn't know it was going to be this significant.' For the first time in Webb's 31 years with the court, weekend hours will be in effect. Filings will be accepted until midnight Sunday."

"Webb said the last couple of days' filings have been without the assistance of lawyers. Tiffany Johnson was one of those. She said she figured there was no other way to get out of debt after her divorce. 'I've had three mortgage companies on my credit report,' she said. 'They foreclosed on the house. I decided to go ahead and do it. To file.'"

posted by Ben Jones @ 7:11 AM