Foreclosure Legislation is Hanging Undecided Causing Ohio to Look for Other Options
There are several pending foreclosure bills in the Ohio Senate. But as the foreclosure legislation hangs undecided Ohio is looking for other options. The sponsors of the bills that would have placed a moratorium on foreclosures conferred recently seeking bipartisan action to expedite the legislation so as to help the harassed homeowners.
Meanwhile a new piece of legislations was passed by the Senate on Friday 26th March. It was passed by 31/1. It would allow for the creation of a land back to handle the problem of distressed properties across Ohio.
Ohio has been given an extra dose of help – $172 million. It would be managed by the Ohio Housing Finance Agency or OHFA. It is the second help package given from the Hardest Hit Fund. Ohio failed to get help from the first round of grants as the criterion was that the state had to show a fall from the peak days to the trough of house values by 20% minimum. In Ohio the prices have dropped by 19%.
In 2009 the number of defaults in Ohio had shown modest improvements. According to Ohio New Wire the House cleared the Foreclosure Prevention Act (House Bill 3) that would introduce a moratorium on foreclosures for a short spell.
In last May the Renter’s Protection Bill 3 had been introduced. It remains stalled. Another bill is waiting in the wings to be passed – HB 323. By it the time stretching from foreclosure to sheriff’s sale would be reduced.
The report notes that within ten months Ohio foreclosures has broken records since the last 14 years. The Senate has failed to take any effective action. Rep. Mike Foley (Democrat) said, “Ohio homeowners are struggling and the Senate is simply refusing to deal with this issue. Senate Republicans add insult to injury by turning a blind eye to the plight of Ohio’s homeowners. Ohio homeowners are struggling and the Senate is simply refusing to deal with this issue. Senate Republicans add insult to injury by turning a blind eye to the plight of Ohio’s homeowners.”
The Land Bank Bill (HB 313) is now being processed. Dawn Larzelere of Greater Ohio Policy Center said optimism is high that the Governor Ted Strickland will cause no delay and immediately sign into law. The centre works at the grass root level trying to help the distressed homeowners.
