Ohio’s three largest cities face foreclosure problems

Many Ohio homeowners have their backs up against the wall when it comes to making their mortgage payments.

According to a new report from National People's Action, more than one out of every 20 housing units – or roughly 6 percent – in Cincinnati, Cleveland and Columbus have been foreclosed upon during the past three years, The Associated Press reports.

Unemployment and foreclosure have landed numerous blows on the Ohio economy, as many of its residents continue to struggle stay current on their home loans. By the end of 2012, more than 280,000 homes in the state are predicted to go into foreclosure, the Business Journal Daily reports.

Many homeowners may be able to save their homes by applying for a refinance, which would lower their monthly payment obligations. However, in order to qualify for a refinance, applicants generally need to have a favorable credit score.

Consumers who need a credit boost to improve their eligibility may benefit from reviewing their credit reports for unfair and inaccurate items.

Individuals who find any questionable or problematic marks may be able to investigate and dispute them. By working with a credit repair company, victims of a credit reporting error may obtain the assistance they need to have the blemishes stricken from their records.