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Foreclosed Single and Multi Family Houses Rebound After a Slow October

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By : John Cutts    99 or more times read
Foreclosure activities have started to rise again in several areas of Ohio after slowing in October 2010. The number of foreclosed residential properties, particularly single dwellings and multi family houses, is starting to increase once more in areas like Montgomery County, Greene and Warren County.

The number of Columbus foreclosed homes for sale and for-sale distressed properties in various areas of the state recorded significant declines in October after controversies surrounding some lenders' alleged use of faulty affidavits came out in the news.

Questions regarding the validity of lenders' processing of foreclosure cases led to some banks' decision to halt the processing and sales of foreclosure homes in Ohio and in other parts of the U.S. The moratorium has already been lifted by lenders in almost all areas of the country and according to housing market observers, lenders are now trying to make up for lost time, hence the increase in foreclosure totals.

In Montgomery County, over 4,000 foreclosures, including those associated with single and multi family houses have been filed so far in the current year. Warren County, on the other hand, has so far recorded 1,200 filings for the year, while Greene had accumulated 703 foreclosure-related filings for 2010.

Housing industry observers are predicting that the number of for-sale houses from foreclosures will rise in the coming months as lenders pick up where they left off. Foreclosure processing came to an almost standstill in October when questionable procedures used by lenders were discovered. Companies like JP Morgan Chase, GMAC, Bank of America and PNC Bank all decided to temporarily freeze foreclosure procedures in several areas of the country, resulting in foreclosure totals recording declines in almost all regions during the month of October.

The Attorney General of Ohio Richard Cordray has filed a lawsuit against some of the lenders, accusing them of using robosigners to speed up the process of foreclosures. One GMAC employee admitted in a sworn affidavit that he signs over 10,000 foreclosure documents every month, making it almost impossible to review the details of each case.

Meanwhile, court officials in Montgomery and in several other areas of Ohio have revealed that they are currently reviewing foreclosure cases related to various properties, including multi family houses, to determine whether there have been faulty documents used in these cases.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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