The Need for Further Foreclosure Reform in Ohio
2021 County Treasurers Association of Ohio (CTAO) Fall Conference November 19, 2021
The COVID-19 pandemic’s impact encouraged creditors and borrowers to work together on short-term solutions as the economy was rocked by business shutdowns last year. A decade ago, the 2008-09 Great Recession caused enormous backlogs in foreclosure cases, but reforms enacted from 2016 to 2018 helped reduce such delays and make the process easier for local, third party bidders to buy property online. But there are several issues still needing attention that continue to add unnecessary costs and time to the foreclosure process. Higher foreclosure costs hurt borrowers and lead to longer timelines, which can lead to an increase in vacant and abandoned properties. This can also harm surrounding communities.