Despite a flat change in January in foreclosure filings in Butler County, actual foreclosures are expected to fall once the market overcomes an expected bump in foreclosure-related filings spurred by the recent $25 billion multi-state foreclosure fraud settlement, said real estate and bank experts.
More foreclosures released on the market now that the settlement has been reached could be the last glut to hit. In coming months, the settlement will mean banks that had a hold on foreclosures in its system will process them, probably a moderate bump in Ohio, said James Thurston, spokesman for Ohio Bankers League. Over time, the settlement’s help for homeowners on principal reductions and loan modifications should slowly reduce foreclosures filed, Thurston said.
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