Tuesday, June 10, 2008

Bill will stop foreclosure deed delays

Ohio governor Ted Strickland is expected to sign legislation which will streamline the foreclosure proccess and require sheriffs to record the deeds on forclosed properties within 14 days. The bill will also allow for open houses and the goal being to keep property values up and limit the amount of time property stays vacant.
Many cities are stuggling with the foreclosure issue because properties fall in to disrepair and there is not a "owner of record" often the person who has lost their home to foreclosure get served with bills from cleanup. The bill wont address the issue of "investor flipping" whe people buy a foreclosure and then put it up for sale where it can sit on the market at an inflated price for months.
The bill is expected to stop buyers of hiding behind the slowness of the system and give cities more leverage to force property owners to bring the homes into complience.

No comments: