Testimony on HB 9 – Renter Foreclosure

March 5, 2009
   

The foreclosure crisis in Ohio is now well known. Each year since 1995, Ohio has witnessed growth in new foreclosure filings.  In 2008, we had a record 85,773 new foreclosure filings. What the numbers don’t often tell are the stories of the different types of foreclosures. The most recent wave of foreclosure filings in Ohio and across the country, deals with non-owner occupied, renter-foreclosures. When owners of rental properties face foreclosure, they often walk away from the property, do not inform tenants about the situation, or tell the tenant when it is too late to easily move. The tragedy is that tenants may have totally fulfilled their end of the agreement but they end up suffering the largest loss, their home. …

Full Testimony

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