Real Estate Advisor Law Blog

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Category Archives: Legislative Update

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Cuyahoga County’s New Land Bank – A Step Toward a “Sustainable Cleveland”

Posted in Finance Issues, Legislative Update
As I mentioned in an earlier post, Ohio Governor Ted Strickland recently signed legislation creating a new “land bank” in Cuyahoga County. Like a dose of cold medicine, Senate Bill 353 is not a cure for the foreclosure crisis, but it should help solve one of its primary symptoms – abandoned and vacant housing.  More than… Continue Reading

Tax Credit for Home Buyers: Will They Come Back to the Market ?

Posted in Legislative Update, Tax Credit Issues
After much wrangling, the House and Senate came together in Conference Committee and each subsequently passed President Obama’s Stimulus Bill in record time. President Obama has now signed this historic legislation. The Stimulus Bill provides in part for a refundable tax credit for first time home buyers (who are defined as buyers who have not owned their… Continue Reading

Ohio Supreme Court Allows Collection of Attorney Fees on Mortgage Reinstatement

Posted in Finance Issues, Legislative Update
Mortgage lenders scored a victory at the Ohio Supreme Court in the recently decided Wilborn v. Bank One Corporation, 2009 Ohio 306 (2009). In Wilborn, eleven borrowers brought suit against their lenders.  Ten of the eleven cases (the eleventh did not involve a reinstatement provision and was decided differently) went like this: Lender brought foreclosure action against… Continue Reading

Ohio’s Foreclosure Prevention Task Force – Mission Accomplished?

Posted in Finance Issues, Legislative Update, Litigation Issues
 In March 2007, Governor Strickland created the “Ohio Foreclosure Prevention Task Force” to address the ever-increasing number of foreclosures plaguing the state. The group’s final report, issued in September 2007, identified 27 recommendations for state action. Since the rise in foreclosures likely won’t be going away anytime soon, perhaps it’s appropriate to take stock of Ohio’s progress… Continue Reading

The CRO Program: Landowner and Lender Responsibility when a Regulated Facility Closes

Posted in Environmental Issues, Finance Issues, Legislative Update, Litigation Issues
On January 27, 2009, the front page of the Columbus Dispatch read, “44,000 Jobs Gone.”Other articles report of companies shuttering their facilities or filing bankruptcy. As one affected employee interviewed for the Dispatch article succinctly stated, “It’s scary.” And it’s no less scary for landowners and lenders dealing with properties that have been abandoned.  Landowners whose tenants… Continue Reading
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