Bank Walkaways

At a press conference on January 3, 2012 Senator Brown, Former Cuyahoga County Treasurer Jim Rokakis, and others presented a serious problem facing our communities. Not only are banks foreclosing on families, they are in many cases then walking away from the foreclosure process they started. When this happens, the homeowner is left thinking that they no longer own the property when in fact, they do.

One woman was invited to share her story. She bought a home in Cleveland Heights and when she lost her job she was foreclosed on. When her home was going to sheriff’s sale she signed a two year lease for an apartment. Then, months after making that commitment she found out the bank walked away from the foreclosure process leaving her responsible for both the now vacant home and the two year lease she signed.

This is happening far too often, so if you’re going through foreclosure beware.