Ohio: New Rules Governing Foreclosures Set to Take Effect

Ohio Foreclosed

New Rules Governing Foreclosures Set to Take Effect

Ohio Gov. John Kasich has signed a bill that will change the way foreclosures are handled in the state.

Supporters of Sub. H.B. 390 say the legislation gives more power to local governments to manage vacant and abandoned properties, while providing protections to homeowners.

“For the first time, local governments will have the ability to ask the prosecuting attorney to initiate a sale when a property is abandoned,” said Ohio Rep. Jonathan Dever (R-Madeira), who sponsored the predecessor H.B. 463, which was rolled into Sub. H.B. 390.

Gov. Kasich signed Sub. H.B. 390 on June 28.

“Prior to this legislation the main recourse officials had was to take the matter to housing court,” said Dever who represents the 28th House District. “While this might lead to some repairs being made to the property, at the end of the day the blighted property was still there.”

But some officials in Portage and Summit counties argue the bill could actually lead to an increase in abandoned and foreclosed properties.

“This bill does little to address blight,” said Michael Migden, deputy fiscal officer at the Summit County Fiscal Office. “It simply removes the properties from banks’ inventories. One could argue that this could exacerbate the situation.”

But Dever disagrees. “From my perspective, this bill is not about blight. The goal is to force properties into banks’ inventories or into the hands of an individual who is going to remediate the real estate,” he said. “The properties are not in the banks’ inventories that’s the problem.”

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Comments
One Response to “Ohio: New Rules Governing Foreclosures Set to Take Effect”
  1. mike Drouin says:

    Anything John Kasich is willing to support couldn’t possibly be good for the housing Industry . He is a two faced Liar !!! He was at Leman Brothers when they were running their ILLEGAL scheme , and the company went Bust !!! The problem with the Homes is that they don’t have clear Title , and the paperwork is such a mess that the house sits there rotting away !!! The Banks who don’t have legal ownership after the scam they pulled , is willing to dump the problem any way they can !!! Thanks Kasich , for the mess you helped create !!!!

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