How Ohio Is Tackling the Foreclosure Crisis

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TorImmown of AL @ May 09, 2009 00:33:42 AM

Ohio Foreclosures Will Continue Because Of Debt Buyers

If you take a look at the statutes of limitations by states, you can see that Ohio is the worst compared to the others ( http://www.budhibbs.com/statute_of_limitations.htm.) There have been numerous debates whether a credit card debt is an open account or a written contract and it seems like a lot of wasted money is used in each case to try to figure this out. In fact, they are the only one with a big question mark as it relates to the open accounts, which most credit cards fall into. Ohio needs to get their act together.

So you ask why I am bringing this up about the mortgage crisis. What I don’t think people realize is that a good portion of the foreclosures are based upon the banks also giving credit card limits higher than what a person can afford. This is a form of predatory lending and has an indirect effect on the foreclosures, especially in Ohio.

The credit card companies’ interest rates were 17%-21% and people fell behind on their payments and before you knew it they couldn’t pay it back. They kept their fixed rate mortgage on their home going, but just couldn’t get caught up on the credit card debt. So eventually when they couldn’t pay on the credit card, the bank sold the amount to a debt buyer at 2-3 cents on the dollar. The debt buyers then added interest and in many cases doubled the interest amounts within months’ of buying the debt. If you own any assets like a home, they will not settle for a reasonable amount. Since the people are so distressed, they can’t fight the false allegations and the judges don’t care if the amount owed is correct and you can pay double the amount with interest.

Ohio has some of the worst debt buyers in the state. They also give huge contributions to campaigns of many of the officials. This is probably why the SOL is so long compared to every other state. Most debt buyers only go after those that have assets, e.g. own a home. Thousands of default judgments on Ohioans with credit card defaults, followed by debt buyers foreclosing on the homes.

I’m not an economist, but get the credit card problem solved and you can start solving some of the other issues. First, since we have to bailout the banks anyway, recalculate the interest on any credit card that is defaulting to a reasonable amount (e.g. 5%.) Then if the debt buyers are buying at 2-3 cents on the dollar, offer those that own homes the lessor of 5% interest on the calculation of debt let’s say three years from the DOL or the 2-3 cents buyout amount. In addition, if they were caught up in a predatory transaction for home mortgages re-amortize the amount to the amount of the interest rate prior to the variable increase and give them a credit on the mortgage. Also, start them back at a 30-40 year mortgage and include their credit card amounts recalculated. Now, someone might be able to afford a $500 a month mortgage payment versus a $1500 a month rate, even if they lost their flippin’ job. If they still can’t afford it, then yes

LetsBeReasonable of OH @ Jan 18, 2009 10:55:49 AM

How about halp for the people who have not yet fallen behind on their mortgage payments? All the help out there is available to the ones who are facing foreclosure due to not paying their payments for months at a time, but nothing for those of us who are trying to avoid being placed in that situation. To get anything for anyone, you have to fall behind by at least 2-3 months, ruin your credit and have a few things repossesed here and there. Nothing for the ones who are working hard to make those payments, even at the expense of their kids not having food on the table. Nope, not even food stamps for us, we are on our own. This whole thing is frustrating!

of OH @ Jan 08, 2009 11:31:38 AM

I found help!

I read a book called “Mortgage Meltdown” and it really helped me understand that I’m not the only one going through this. I was also able to apply for a grant from a non-profit to help me with my mortgage. I think anyone who is trying to save his or her home, like me, should read this. Go to www.48grant.com

kgirl of CA @ Sep 24, 2008 19:02:33 PM

Foreclosure Fraud

I believe that there is a real problem not with only the fact that the evidence is mounting that these wholesalers—and mortgage brokers who supplied them—targeted working-class, middle-class, unsophisticated consumers for generating these loans. But also evidence has "mounted up" where Judges and attorneys are also involved in it too.

Pro se litigants show evidence in their cases that there is no signatures from the judges in judgment entries and/or signatures from judges using the rubber stamp method for signatures in judgment entries that indicates void judgments to most foreclosure fraud cases. In additon, Attorneys were involved in these foreclosures without asking for attorney fees in the judgment entries.

It is high time to bring true justice to a hidden agenda against the little man. It is high time to reveal what is hidden to light.

I am tired, I am tired of lies...lies, and the blame game. I have had enough.

Families and Victims of Foreclosure Fraud (FAVOFF) of OH @ Jul 10, 2008 18:11:55 PM

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