Solutions to the Foreclosure Crisis in Cleveland Essay

Cleveland, Ohio faces a vacant property crisis. Steady abandonment of vacant properties, both residential and commercial, has diminished stability, property values, and public safety in the city of Cleveland and its neighboring suburbs. This multi-faceted problem of mortgage loan delinquency and bank walk-aways in Cleveland has generated an extensive legal discussion concerning pressing public policy matters. The foreclosure crisis in Cleveland has imposed significant financial burdens upon taxpayers and area residents who have been forced to shoulder burdens that are rightfully the responsibility of borrowers, mortgage lenders and others that are direct parties to the mortgage transaction. Indeed, â€Å"the failure of borrowers and lenders†¦show more content†¦The outcome of that case, and the judgment orders placed upon Wells Fargo to bring foreclosed properties it owns in Cleveland up to city code, provides a foundation for foreclosure legislation reform and ideas to rebuild and revitalize Cleveland. The Challenges of Vacant Properties in Cleveland: Who is Interstate Investment, LLC? According to the National Vacant Properties Campaign, no uniform policy or consistent definition of a vacant or abandoned property exists. â€Å"Vacant properties can include abandoned, boarded-up buildings; unused lots that attract trash and debris; vacant or under-performing commercial properties known as greyfields (such as under-leased shopping malls and strip commercial properties); and neglected industrial properties with environmental contamination known as brownfields. Vacant properties impose massive costs, and municipalities like Cleveland bear the costs of foreclosures, both fiscal and social. The foreclosure crisis is changing the Real Estate Owned (REO) process. Some banks hold off on following through with foreclosures or letting empty houses sit in limbo, where they deteriorate further, instead of selling them. Cleveland has dealt with these â€Å"toxic titles,† as banks like Wells Fargo have refused toShow MoreRelatedThe Decline Of The Foreclosure Crisis1514 Words   |  7 PagesThe historic loss of industry and the effects of the foreclosure crisis have left Cleveland s Population dwindling to about 400,000 people with an aging housing stock that was built for more than a million. The city estimates that as many as 15,000 houses are vacant more than half are condemned and awaiting demolition. Weak housing markets in Cleveland caused a regional housing problem. 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