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Ohio on the cutting edge…

by Maureen McCabe on April 22, 2008

Ohio is on the cutting edge when it comes to stopping home foreclosures and that news made US News & World Reports this week. Thanks to real estate blogger Carole Cohen in Cleveland for bringing the news that Ohio is in the news to my attention.

According to an article in US News & World Reports by Luke Mullins, the secret weapon? Lawyers. Mullin’s interview of Ohio Attorney General Marc Dann, who orchestrated “the plan”is the story in How Ohio is Tackling the Foreclosure Crisis:

“What will the lawyers do?
The lawyers will work with the borrowers to see if there are defenses to the actual foreclosure, whether there was fraud or unsuitability in the creation of the mortgage to begin with, and then to assist in two other ways: either to help litigate the case or to help structure a settlement.”

Carole wrote about Ohio using lawyers to level the playing field when it comes to foreclosures on her Cleveland Real Estate News

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May 14, 2008 at 07:52 am

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1 Carole Cohen April 22, 2008 at 07:39 am

I guess the question is, will it work? And do you think it’s really possible that 25 percent of all foreclosures meet predatory guidelines? That number blew me away, Maureen.

2 Maureen McCabe April 22, 2008 at 08:42 am

Carole… I have a hard time believing that 25% is predatory lending.

I think it is great though that even if they don’t know if it will work that they are doing something… “Don’t just stand there, do something.”

Another Cleveland blogger retweeted your link and that’s how I caught it.

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