Toledo Foreclosure Defense League Takes Aim at Evictions

Thank goodness! I'm sick of hearing idiots try to say that foreclosure is because the inhabitant has taken out more loan than they can afford. The banks were in the subprime mortgage business to makes cash hand-over-fist. Somehow people believe that the banks can not be implicated despite their ability to regulate and investigate the credit of those who they give mortgages to.

There is something you can do today to help prevent evictions from foreclosed properties - call your representative in the Ohio House and tell them to support HB 9. The bill, which just passed out of committee and will be voted on soon, protects renters who pay their rent and have done nothing law. Under current law, a foreclosure terminates a tenancy regardless of the tenant's lease. This bill will convert the lease to a month-to-month tenancy, which will at least give the renters some time to move. Check it out for yourself on the legislature's website.

If you don't have the means to pay your mortgage, you have to leave. It's that simple. Mortgage insurance surely was available if it was wanted. I'm all for finding ways to help these unfortunate people, but don't blame the police for enforcing the laws we have.

Ifxthen didn't say mortgage said renters. Far as I'm concerned if there is a renter paying rent with a contract maybe the loaning agent should start collecting it and let them stay there. Give them 6 months to a year locked in and then option to renegotiate rent. Or rent to own from bank.

Thank goodness! I'm sick of hearing idiots try to say that foreclosure is because the inhabitant has taken out more loan than they can afford. The banks were in the subprime mortgage business to makes cash hand-over-fist. Somehow people believe that the banks can not be implicated despite their ability to regulate and investigate the credit of those who they give mortgages to.

There are those who only blame the individuals and there are those, like yourself, who only blame the banks. The truth is, both entities hold 100% responsibility for the current situation. Neither party can operate without the other, and it took irresponsible behavior by both to create this mess. There are millions who undoubtedly bought more house than they could afford. Their priorities were grossly out of whack, and they fundamentally confused a "want" with a "need." There are also countless bank executives and loan officers who loaned money that should never have been loaned. They completely ignored the risk of loaning huge amounts of money to people with relatively small incomes. That's completely irresponsible and possibly criminal in some cases.

I'm currently looking at buying a house right now (not in Toledo and not even in Ohio!). I'm sure that I will qualify for more than I should reasonably take out because I make sure to put back money for retirement and donations and other responsible things. If I do take out too much in loans and then find myself in a position where I can't pay the mortgage, I shouldn't ignore the law and just stay in my house regardless of my ability to pay. These idiots saying that people should ignore court orders and law enforcement are just as irresponsible as those who failed to pay their mortgages and the banks who gave them the mortgages.

I agree. Just because I didn't mention that the people who over-extended their ability to pay their mortgage are at fault does not mean that I do not believe they are at fault. Both are to blame, I agree. Who is more to blame? I would say the banks, as they have the ability to scrutinize an applicant's worthiness before the process, and I believe that the banks thought they could make a great deal of money on giving loans to people that would eventually be unable to pay their mortgage. I believe the mortgage lenders believed that pursuing these sub-prime mortgages were beneficial because the eventual default would lead to the bank reclaiming the property and eventually selling the property at a higher or equivalent price since the housing market was witnessing significant year-over-year increases in housing prices. The faulty reasoning in their logic eventually would come to the forefront as foreclosures outpaced resales, and the banks had to ante up for their mistake. Now the banks are attempting to manipulate accounting rules by removing the mark-to-market, or any other rule that forces them to face their reality.