Monday, May 18, 2009

Foreclosure and Fairness

Here in the Buckeye State, lawmakers are moving a bill forward that would require property owners to notify renters if the property goes into foreclosure.

This is not the worst idea in the world, and stems from a growing multitude of renters, particularly multifamily and single family residents (I even read where this is affecting trailer owners in a mobile home park) who are being forced out of homes they don't own but have paid dutifully on through their monthly rent. Currently, at least in Ohio, there is no mechanism that forces a landlord to notify tenants that the property has gone into foreclosure, ostensibly giving them a heads up that their world may be changing.

It has passed the Ohio House of Representatives and is moving through the Ohio Senate.

Similar bills have either been passed or are being considered in a number of other states.

Responsible owners will have no problem with this measure.

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