Ohio Makes Move to Fast-Track Foreclosures
Ohio lawmakers passed legislation this week to quicken the pace at which abandoned foreclosures move through the pipeline.
"Ohio has now put itself ahead of the national curve in fighting community blight," Robert Klein, founder and chairman of Community Blight Solutions, told HousingWire. Klein says his Cleveland-based organization has worked for three years to get a fast-track process in place for foreclosures. "Outdated foreclosure laws are one of the primary causes of blight in communities across the country, and Ohio is one of only a few states that are doing anything about it."
Eye on Foreclosures
Under current Ohio law, homes can sit abandoned for at least two years, Klein says. The new law, which takes effect in 90 days, will speed up the foreclosure process to as little as six months. "No one will be forced out of their home by this law," Klein says. "There are clear protections to ensure that a property is, indeed, vacant and abandoned."
Other states are also looking to speed up foreclosures. New York Gov. Andrew Cuomo last week signed into law a reform of the state's foreclosure process to better handle abandoned "zombie" properties.
Also, the U.S. Senate may soon consider new rules governing the maintenance of foreclosed, abandoned homes. Sen. Bob Menendez, D-N.J., introduced a bill recently that would address the "zombie foreclosure process" and require mortgage lenders to have greater responsibilities in the upkeep and management of the homes.
Source: “Ohio Signs Fast-Track Foreclosure Law,” HousingWire (June 29, 2016)
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