Officials seek to reduce home foreclosures

The county is in the process of selling 300 foreclosed properties.
By D.A. WILKINSON
VINDICATOR SALEM BUREAU
PERRY -- An initiative backed by a new state law is aimed at reducing home foreclosures in Ohio.
Ohio Treasurer Richard Cordray and other officials gathered in Perry Township on Thursday to announce help for homeowners.
Cordray and other officials met at the home of Cindy Slavens on Andrew Avenue. She has been in financial trouble.
Columbiana, Mahoning and Stark counties are among blighted areas in the state, Cordray said.
Columbiana County had 404 sheriff's sales in 2006, as compared to 319 in 2005. By contrast, the county had 252 such sales in 1997.
Lawmakers passed Senate Bill 185, better known as the Homeowners Protection Act, last year to crack down on predatory lending practices. The law went effect Jan. 1.
Cordray said it limits unfair fees and costs, as well as artificial inflation of a home's price.
Predatory lending often affects those with lower incomes who can least afford higher housing costs, he added.
Similar events will be held throughout the state to highlight the new law.
The initiative will include a program where people can obtain an information packet to help them deal with loan problems.
Cordray also attributed the high number of foreclosures in the state to "a rough economy, a lack of knowledge and already being in [other financial] trouble."
One example
Slavens, a single mom who ran unsuccessfully for the Salem Board of Education, said she was happy to use her name and face to highlight the problem.
Slavens said she took out a second home mortgage so she could return to college. When her mortgage was sold to another company, she got hit with high fees.
"I never thought I would wind up in foreclosure," Slavens said.
Because of the local economy, she had to look outside the area for work. She now works for a mental health association in Summit County and is doing better financially.
Sheriff's sales
To clear a backlog of 300 sheriff's sales, Sheriff David Smith has ordered the auction of 20 foreclosed properties each week starting March 6.
Sgt. Kenneth D. Biacco Jr., who handles foreclosures, said much of the backlog was caused by errors in the exacting paperwork given to the sheriff's office.
The court documents, the legal description of the property and the county's description of the property all must match.
Biacco said the documents in about four of every 10 foreclosures has errors that must be fixed. In one case, the sheriff's office was given two different addresses for the same property.
Biacco said most of the homes are purchased by banks that clean them up and put them back on the market.
wilkinson@vindy.com