OHIO LEGISLATURE PASSES FORECLOSURE REFORM BILL, INCLUDING A FAST-TRACK PROCESS FOR VACANT AND ABANDONED PROPERTY
On May 25, 2016 the Ohio Legislature passed HB390, with included a 65 page amendment to reform and improve the foreclosure process. The legislation provides for a fast-track foreclosure process for vacant and abandoned property, as well as improvements in the sheriff sale process. The bill will now go to the Governor for signature and become effective in 90 days. The Ohio Mortgage Bankers Association worked on this amendment with other industry partners including the Ohio Bankers League and The Ohio Bar Association, as well as consumer advocacy groups for nearly 2 years, bringing to an end a three year effort to pass legislation of this type. To view a copy of the amendment click HERE.
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