Alerts

Vacant and Abandoned: Can Creditors Discard Personal Property Following a Foreclosure in Ohio?

January 27, 2015

Personal property is often left by the prior owner or a tenant following a foreclosure. Sometimes it is difficult to determine whether the personal property has been abandoned. I am often asked what must be done with the personal property left behind once the lender takes possession of an otherwise vacant property. Can the lender discard the personal property, or is an eviction required to have the personal property removed?...

A Borrower's Ability to Rescind a Mortgage Loan Just Got Easier

January 16, 2015

The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., gives consumers the right to rescind mortgage loans upon their principal dwelling, until midnight of the third business day following the consummation of the transaction, or following the delivery by the creditor of the information and rescission forms, by notifying the creditor of his intention to do so. Even if the creditor fails to deliver the forms, the consumer only has three years from the date of the consummation of the transaction to rescind the mortgage....

Failure to Record a Satisfaction of Mortgage Can Become Costly in the State of Ohio

January 02, 2015

From a business perspective, there's not much worse than believing you've resolved a troubled account, only to receive a notice of no sufficient funds ("NSF") from your bank after depositing payment. Suddenly, the account that you thought you resolved is a problem again. Additionally, you lost the time value of money, you may have been assessed additional fees by your bank and you certainly will have to spend additional time and resources collecting the payment a second time....

Federal Tenant Protection Act Scheduled to Expire

December 29, 2014

In 2009, President Obama signed into law the federal Protecting Tenants at Foreclosure Act (PTFA), granting tenants, under certain circumstances, the right to live out their lease or at least 90 days' notice before having to vacate a property sold at foreclosure sale. PTFA came at the height of the foreclosure crises, in response to a pervasive trend impacting renters living in mortgaged properties. Even though they paid rent each month, tenants were being evicted when the place they called home went through foreclosure, because their landlords failed to pay the mortgage....

Reporting Mis-Appropriation

November 18, 2014

According to a statement by the Ohio Attorney General's office, elder abuse affects an estimated one in nine people age 60 and over. That being said, cases are rarely are reported, and if reported, action is rarely taken to stop the abuse. To combat this, the Attorney General's office set up a task force of sorts to assist with reporting and investigation....

City of Lorain, Ohio Will Require Mortgage Lenders to Post $10,000 Cash Bond When Foreclosing Vacant Property

November 12, 2014

The City of Lorain, Ohio has joined the growing number of municipalities to pass ordinances governing the maintenance of vacant residential properties, by creating a vacant property registry. On October 20, 2014, Lorain City Council enacted Chapter 1541 of the Lorain Codified Ordinances, entitled "Untenanted Residential Property Certification." The law will go into effect on January 1, 2015....

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