Ohio Foreclosure Crisis – We Need Help – Business Ethics Speaker Chuck Gallagher Comments

Texas Motivational Speaker, Chuck Gallagher 

According to the Wall Street Journal Law Blog (a wonderful resource), Peter Latman issued the following report:

How bad is the housing crisis in Ohio? So bad that the state’s chief justice is begging lawyers for help, and the state treasurer urges, “To anyone who wants to make a difference in the world, this is a defining issue of our time.”

Foreclosures have spiked in the Buckeye State, clogging the court system. And yesterday, Chief Justice Thomas Moyer urged lawyers to offer pro bono services to distressed homeowners, according to this NLJ story. “This is more than a legal issue; this is a social issue,” Moyer said, according to a news release. “People’s lives are being seriously affected and the legal community must respond with action.”

A group of lawyers met yesterday to discuss the creation of programs to help train lawyers with limited or no foreclosure-law experience. The Legal Aid Society of Southwest Ohio has estimated its attorneys have already helped save as many as 400 homes this year. And the Supreme Court has begun working with local courts to offer mediation services between lenders and homeowners to avoid foreclosures.

Ohio has among the highest foreclosure rates in the country. In 2007, foreclosure filings are up nearly 68% from last year, according to RealtyTrac.

Lawyers, help us out here. We know the great pro bono work lawyers do in areas such as the death penalty, natural disasters and immigration. But does the Chief Justice’s call to action resonate with you? Is the mortgage crisis, as Ohio’s state treasurer says, the defining issue of our time?

The Wall Street Journal asks if this is the defining issue of our time?  Probably not, but it is a crisis.  With mortgage fraud abounding and having been reported in this blog – it is evident that when money is too loose without appropriate controls – consequences will follow. 

Every choice has a consequence.  While, as a country, we enjoyed easy credit and appreciation in equity for homes, that equity can reverse and homes can be lost.  It’s time for reasonable controls to make sure that unsuspecting individuals not fall prey to preditory lending practices.

As a professional speaker, I speak to groups about choices and consequences along with ethics and fraud.  www.chuckgallagher.com

If you feel you’ve been the victim of mortgage fraud…feel free to comment.

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6 Responses to Ohio Foreclosure Crisis – We Need Help – Business Ethics Speaker Chuck Gallagher Comments

  1. Penni K Vallette says:

    Chuck,
    I am not sure if I am a victim of mortgage fraud, but I am currently going through foreclosure. I am very embarrassed as I consider myself educated. I recently had gone through a divorce that left me with substansial debt. I paid this debt off and started to look into getting a home. I had an appointment with a lender that my realtor suggested who pre-approved me. I felt i asked the right questions regarding the said loan: the answers i recieved from what I thought were professionals were, take the loan and in six months you can re-finance. I truely belived this.
    At that time I had a substansial savings and could make it through six months. I tried to re-fi my loan and it couldnt be done. I was told that my income to debt ratios were way off and couldnt qualify for a different loan, I tried several banks. I feel really dumb now, I have my property listed for a short sale however the foreclosure sale is nearing. I now in search of a residence for my two sons and I: its very challenging.

  2. Penni…allow me to suggest that you contact law enforcement and explain your situation. Perhaps they can better help you determine if you have, in fact, been or are about to become a victim.

  3. Deena says:

    Chuck – I am currently seeking a modification on my loan held with Countrywide. I was approved this past December and received the modification papers in the mail. I took the papers to ESOP (a neighborhood advocacy group) to be sure that I was not being railroaded into another bad loan. I was advised that it was a good deal. I signed it, had it notarized and sent back within the time limit. I was then contacted about three weeks later by Countrywide stating that the modification has been revoked. I was told not to make any house payments until this matter was rectified. I am now FOUR months behind in my payments and I was never delinquent prior to this. I keep getting differing information everytime I speak to my “advocate” at Countrywide. I am growing increasingly uneasy with this situation and wonder if there is any advice you can offer me. Thank you.

  4. Deena…I would suggest that you go to the Mortgage Fraud Blog – and contact Rachel Dollar who is an attorney. She would be a wonderful source to find a reputable attorney to review your plight.

    Chuck

  5. Chad says:

    I was reading a post from another blog about the foreclosure market in Ohio, and could not believe the crisis there. But, the question is can the lawyers and law makers make the difference or will we just have to wait it out?

  6. Chuck: Do you have an update on the Ohio market? Are things getting better now… or worse?

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