Is There A Foreclosure Moratorium In Ohio's Future?

On May 20, 2009, the Ohio House of Representatives approved a bill that would effectively stop foreclosures for six-months. This moratorium would apply as long as the homeowner paid at least half of their monthly payment.

The hope is that the moratorium will give a homeowner additional time to explore their options and attempt to take advantage of the federal programs in place to aid homeowners who are struggling due to their unmanageable home payments.

The bill also proposes to increase the cost to file a foreclosure. The increase would help fund foreclosure prevention programs and help create new licensing requirements for loan servicers.

This bill will next be considered by the Senate.

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