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1/16/2020 9:48:49 PM
Posted: 10/10/2007 10:21:23 AM EST
www.vindy.com/content/local_regional/299126981914288.php
Governor is aiming to prevent foreclosures
Ohio had the highest
foreclosure rate in the
country last year.

By MARC KOVAC

VINDICATOR CORRESPONDENT

COLUMBUS — Gov. Ted Strickland is asking the state's top subprime mortgage lenders to sign a compact, pledging to provide the staff and other means to help at-risk borrowers avoid foreclosure.

During a press conference Tuesday in his Cabinet Room at the Statehouse, the governor unveiled his Compact to Help Ohioans Preserve Homeownership, a five-section agreement that includes increased notification and assistance for homeowners carrying adjustable-rate loans or mortgages in which the debt exceeds properties values.

Twenty subprime servicers have been invited to participate in the nonlegally binding agreement. Strickland said they can submit comments about the compact through Oct. 22; a formal signing ceremony will take place early next month.

"This would be a public declaration of intent on the part of the servicers," Strickland said, adding later, "It is better to have a voluntary, cooperative agreement, such as this compact. But, of course, legislation could always be an option if this does not turn out to be as helpful as we think it can be and will be through voluntary compliance."

The announcement was the latest in the state's efforts to deal with growing foreclosure and delinquent-loan issues.

Ohio had the highest foreclosure rate in the country last year, at more than twice the national average, according to a study by Policy Matters Ohio.


Last month, the governor's Foreclosure Prevention Task Force, after months of meetings, assembled nearly 30 recommendations for stemming the tide, including providing increased counseling to Ohioans struggling to keep up with mortgage payments.

Kimberly Zurz, department of commerce director who served as chairwoman of the task force, state Treasurer Richard Cordray, and Doug Garver, executive director of the Ohio Housing Finance Agency, outlined efforts already under way to help homeowners, including outreach and counseling sessions and state-backed loans for those at risk.

The compact would be signed by Strickland, Zurz and any willing residential mortgage servicers, who would agree "it's in their individual and collective best interests to prevent or at least diminish the expected substantial increase of subprime mortgage foreclosures in Ohio" and that "it is also a matter of good public policy to keep willing and able Ohioans in their homes."

The compact outlines various means for subprime lenders to assist affected borrowers, including:

Identifying and contacting homeowners who are at risk of default, including monthly notification of interest rate increases at least six months in advance of an adjustment.

Where applicable, modifying loan terms "to provide permanent, affordable relief to Ohio borrowers."

Regularly reporting to the state information about subprime loans issued, modifications to such loans and delinquency and foreclosure rates.

The compact would remain in effect through the end of 2010 or until average foreclosure filings decline for four consecutive months.
Link Posted: 10/10/2007 10:23:10 AM EST
Hmm, I was a sucker and got a fixed rate loan on a place I can afford, anything in there about how I can exchange my place for a MCMansion at a lower interest rate?
Link Posted: 10/10/2007 10:24:05 AM EST
Seriously this shit is getting old from you. All I see you post lately is doom and gloom about the real estate market, yet I have made more money in the last four months than I did for 2006.

Link Posted: 10/10/2007 10:36:45 AM EST

Originally Posted By Nimrod1193:

Originally Posted By igorthesmall:
Hmm, I was a sucker and got a fixed rate loan on a place I can afford, anything in there about how I can exchange my place for a MCMansion at a lower interest rate?


No shit, I want an upgrade too.

If they were dumb enough to get an ARM on the most expensive house they could afford, fuck 'em. Let 'em live in a box.


+1

Link Posted: 10/10/2007 10:38:38 AM EST
Link Posted: 10/10/2007 10:42:17 AM EST

Originally Posted By Blackmagic94:
Seriously this shit is getting old from you. All I see you post lately is doom and gloom about the real estate market, yet I have made more money in the last four months than I did for 2006.


Link Posted: 10/10/2007 11:12:21 AM EST

Originally Posted By Tactical_Jew:

Originally Posted By Blackmagic94:
Seriously this shit is getting old from you. All I see you post lately is doom and gloom about the real estate market, yet I have made more money in the last four months than I did for 2006.



doom and gloom?

All this is great news for me.

You sell houses?



No I sell and buy real estate and do mortgages. "Selling houses" is for part time soccer moms.
Link Posted: 10/10/2007 11:17:49 AM EST

Originally Posted By Blackmagic94:

Originally Posted By Tactical_Jew:

Originally Posted By Blackmagic94:
Seriously this shit is getting old from you. All I see you post lately is doom and gloom about the real estate market, yet I have made more money in the last four months than I did for 2006.



doom and gloom?

All this is great news for me.

You sell houses?



No I sell and buy real estate and do mortgages. "Selling houses" is for part time soccer moms.


Wow, a real life mortgage broker, thought they were all laid off!!!

Don't worry, the housing market will recover in a few (or many) years. You arent in Phoenix are ya? Thats ground zero for the housing crash!
Link Posted: 10/10/2007 11:21:43 AM EST
Here's the problem (and i'm a real estate agent in ohio).

Most of these companies have HUNDREDS , if not THOUSANDS of loss mitigation staff on hand to avoid foreclosing on people's houses.

Fact is : Banks LOOSE about $20,000 per foreclosure, so like a business ,they try to avoid it at all costs.

I've worked with these departments before, i've worked preventing foreclosures, and i've also worked on foreclosing on people's houses. I've worked with almost all parties involved, the lenders, the borrowers, the lawyers ,ect. The banks make many attempts at avoiding foreclosure.

GUESS WHAT?!?!?!

Most people DON'T CARE if they get foreclosed on, they know the sad fact : Just becuase a bank forecloses on you doesn't mean it's the end of the world.

Most banks will lower your interest rate, change the term, or a host of other things to get you to pay, most people are simply too lazy to try and do it. People want the government or someone else do everything for them.

Rich Dad , Poor Dad said it best "Poor people spend only a few hours a month trying to manage their money. Rich people spend 20-30 hours a month on managing it."
Link Posted: 10/10/2007 11:24:03 AM EST

Originally Posted By CamperDad:
I don't have much sympathy for people who didn't read/understand the terms of the loan documents they signed.

Can I get one of these taxpayer funded "bailouts" and upgrade to a tract-mansion, too?

- CD


But if we dont the real estate market and the economy ( baby - bathwater ) go down the tubes.
Link Posted: 10/10/2007 12:57:12 PM EST

Originally Posted By Shockergd:
Here's the problem (and i'm a real estate agent in ohio).

Most of these companies have HUNDREDS , if not THOUSANDS of loss mitigation staff on hand to avoid foreclosing on people's houses.

Fact is : Banks LOOSE about $20,000 per foreclosure, so like a business ,they try to avoid it at all costs.

I've worked with these departments before, i've worked preventing foreclosures, and i've also worked on foreclosing on people's houses. I've worked with almost all parties involved, the lenders, the borrowers, the lawyers ,ect. The banks make many attempts at avoiding foreclosure.

GUESS WHAT?!?!?!

Most people DON'T CARE if they get foreclosed on, they know the sad fact : Just becuase a bank forecloses on you doesn't mean it's the end of the world.

Most banks will lower your interest rate, change the term, or a host of other things to get you to pay, most people are simply too lazy to try and do it. People want the government or someone else do everything for them.

Rich Dad , Poor Dad said it best "Poor people spend only a few hours a month trying to manage their money. Rich people spend 20-30 hours a month on managing it."



Does Ohio have the highest rate of foreclosure because it has the highest concentration of stupid people in the country, or is it because it has the most suckers?
Link Posted: 10/10/2007 1:22:05 PM EST

Originally Posted By 338winmag:

Originally Posted By Shockergd:
Here's the problem (and i'm a real estate agent in ohio).

Most of these companies have HUNDREDS , if not THOUSANDS of loss mitigation staff on hand to avoid foreclosing on people's houses.

Fact is : Banks LOOSE about $20,000 per foreclosure, so like a business ,they try to avoid it at all costs.

I've worked with these departments before, i've worked preventing foreclosures, and i've also worked on foreclosing on people's houses. I've worked with almost all parties involved, the lenders, the borrowers, the lawyers ,ect. The banks make many attempts at avoiding foreclosure.

GUESS WHAT?!?!?!

Most people DON'T CARE if they get foreclosed on, they know the sad fact : Just becuase a bank forecloses on you doesn't mean it's the end of the world.

Most banks will lower your interest rate, change the term, or a host of other things to get you to pay, most people are simply too lazy to try and do it. People want the government or someone else do everything for them.

Rich Dad , Poor Dad said it best "Poor people spend only a few hours a month trying to manage their money. Rich people spend 20-30 hours a month on managing it."



Does Ohio have the highest rate of foreclosure because it has the highest concentration of stupid people in the country, or is it because it has the most suckers?


Who knows. So many people have no responsibility with money nowadays. And you can just 'erase' it all by declaring bankruptcy and wiping your hands of it

If only we had debtor prisons...
Link Posted: 10/10/2007 1:37:29 PM EST

Originally Posted By ben72227:


If only we had debtor prisons...




Yah put em in Hulks! That'll teach em!
Link Posted: 10/10/2007 1:41:13 PM EST

Originally Posted By igorthesmall:

Originally Posted By Blackmagic94:

Originally Posted By Tactical_Jew:

Originally Posted By Blackmagic94:
Seriously this shit is getting old from you. All I see you post lately is doom and gloom about the real estate market, yet I have made more money in the last four months than I did for 2006.



doom and gloom?

All this is great news for me.

You sell houses?



No I sell and buy real estate and do mortgages. "Selling houses" is for part time soccer moms.


Wow, a real life mortgage broker, thought they were all laid off!!!

Don't worry, the housing market will recover in a few (or many) years. You arent in Phoenix are ya? Thats ground zero for the housing crash!




No I am in Tucson. I do commerical and residential real estate and mortgages, and have made a ton of money in the last 4 months compared to before. I expect to make more money this year than I made 2005 which was my best YTD.


Idiots are always losing jobs or money, I am not one of them. Having actually knowledge in your field and having the ablity to do what you say is worth its weight in gold when it comes to getting work.
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