Ohio mortgage brokers and appraisers contribute into foreclosure spike

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September 19, 2005

Ohio mortgage brokers and appraisers contribute into foreclosure spike

Ohio mortgage brokers are trying to close more loans, just like any good loan officer would. But apparently they try too hard too often, as Ohio is leading the nation in mortgage defaults and subsequent foreclosures. Last year, about 59,000 foreclosure notices were filed in Ohio and in the first six months of 2005, 3.3 percent of Ohio mortgage loans went into foreclosure, more than triple the national average.

Ohio mortgage brokers are doing quite a bit of the predatory lending, convincing people to take very expensive home loans in terms of fees and amounts. As the result, many folks are getting so overextended with monthly mortgage payments that they are getting delinquent and subsequently foreclosed.

Not only Ohio mortgage brokers are to blame. They are getting plenty of help from appraisal companies that often inflate the home values. The home value is important when owners are looking to cash out in order to spent money elsewhere. For many people with bad credit, the high home value is critical to get such cash out mortgage refinancing. Mortgage brokers and appraisers make money regardless what happened after the deal is closed.

Who would've thought that Ohio has that many dishonest mortgage brokers out of all states?

See more on Ohio mortgage foreclosures and other Ohio mortgage matters

Posted in Mortgages at September 19, 2005 11:38 AM

Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Ohio mortgage brokers and appraisers contribute into foreclosure spike

September 19, 2005

Ohio mortgage brokers and appraisers contribute into foreclosure spike

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