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Morrow County News


Ohio House To Discuss Foreclosure Moratorium

05-15-2009

Help may be on the way for people on the brink of losing their home.

A House committee voted for a 6-month moratorium on foreclosures while making the action costlier in time and money for banks and lien holders.

A provision that could have allowed judges to modify loans was taken out in order for passage.

Banks would have to pay a $750 fee to process foreclosures. Credit Unions with assets of less than $2.5 million would not pay the fees.

The legislation, known as House Bill 3, will now move to the full Ohio House, which is controlled by democrats. If passed, the Republican-controlled Senate would vote.

Ohio ranked 11th in the country for the number of foreclosures through the first quarter of the year.

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