foreclosure

A foreclosure sign.
Jeff Turner / Flickr

The Ohio Supreme Court has ruled that an unusual foreclosure process that can result in people’s homes being sold without compensation for their equity should remain legal in the Buckeye State.

However, in a recently released opinion, the state justices couldn’t agree on the reasoning behind it.

A foreclosure sign.
Jeff Turner / Flickr

Foreclosures resume in Franklin County after more than a two-month halt.

A foreclosure sign.
Jeff Turner / Flickr

Franklin County has outlined a new process to ensure the rightful property owner will receive any excess money from a foreclosure. 

It’s been 10 years since foreclosures reached a peak in Cuyahoga County. From 2007 to 2015, mortgage foreclosure numbers fell around 63 percent countywide, according to figures compiled by the Thriving Communities Institute.

But despite this good news, there are Northeast Ohioans still feeling the aftermath of the crash and the financial instability it caused.

Trying to Buy Again after Foreclosure

STEVE INSKEEP, HOST:

Steve Brown, WOSU News

Soon foreclosed properties will have a different look in Ohio. The state became the first in the country to ban the use of plywood over windows.

As voters go to the polls on Tuesday, the U.S. Supreme Court will be revisiting the 2008 collapse of the housing market, and the resulting drop in property values and property tax revenue. At issue are two cases testing whether Miami can sue Wells Fargo and Bank of America under the Fair Housing Act for alleged racial discrimination in mortgage terms and foreclosures.

Specifically, the city of Miami alleges that the banks discriminated against black and Latino homeowners in terms and fees.

10:00 On the surface, "The Grapes of Wrath" by John Steinbeck seems to be outdated. The modern housing crisis, however, says otherwise. Join us on All Sides to discuss the foreclosure crisis in America. Guests:

  • Charles Helm (Director of Performing Arts, OSU Wexner Center)
  • Marianne Weems (Director, Builders Association)
  • Bill Faith (Executive Director, COHHIO)
  • Steve Torsell (Executive Director, Homes on the Hill)

As a result of the mortgage meltdown and financial crisis, banks have frozen credit. So many Americans will find it tough to get a loan. WOSU went to the Franklin County Sheriff's auction today to find out if people can afford foreclosed properties.

About three dozen people sit in on the sheriff's auction. Some of them are plaintiffs, trying to buy back defaulted properties; others just watch - wondering if now is the time to invest in a foreclosed house.

Governor Strickland says 1,100 Ohio attorneys have volunteered to give legal services to struggling homeowners facing foreclosure.

Under the state-coordinated program, the private attorneys will mediate disputes for free and represent homeowners seeking to restructure loans. They'll join with legal aid lawyers in the effort to cut the growing foreclosure rate in the state where foreclosures rose in 85 of 88 counties last year.

Strickland, Attorney General Marc Dann and Chief Justice Thomas Moyer announced the initiative Tuesday at a Statehouse news conference.

Foreclosure Assistance Program Available April 1st in Franklin County

Mar 19, 2008

Franklin County Commissioners this week approved a program to offer financial assistance to residents at risk of losing their homes to foreclosure.

Commissioner Mary Jo Kilroy says as much as $3,000 is available to any family with an income 300 percent of poverty and who receives a foreclosure notice on a house that is their primary residence.

Recommendations on How to Address Ohio's Foreclosure Crisis

Aug 13, 2007

Banks across the U-S are cracking down on lending standards on sub-prime mortgages. In Ohio, government agencies are trying to help homeowners hold onto their houses.

The Federal Reserve said Monday banks are tightening rules on on sub-prime loans, adjustable rate loans with multiple payment options, interest-only and other types of mortgages.

Lawmakers Debate Ohio Foreclosures

Jun 27, 2007

Among all states, Ohio has the highest number of families who lost their houses for failing to pay mortgages. Ohio lawmakers Wednesday sought advice from experts on how to help the state out of the crisis.

Last year, 80,000 Ohio residents lost their homes. Most had taken out subprime loans that are more risky than traditional mortgages.

Homeowner advocates testified that unethical lenders often push homebuyers to borrow more than they can afford. Dover Democratic Congressman Zack Space says loan contracts should be more understandable.