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Youngstown, MVOC support new law on home foreclosures

Published: Tue, March 26, 2013 @ 12:10 p.m.

YOUNGSTOWN — City and Mahoning Valley Organizing Collaborative officials said today the enforcement of a new law requiring those filing foreclosures on vacant homes to post a $10,000 cash bond will help reduce the city’s blight problems.

“It’s designed to hold banks responsible,” said city Law Director Anthony Farris.

The law, approved in January by city council, is based on laws in Springfield, Mass., and Canton, though the Ohio city doesn’t enforce it, said Gary Davenport, MVOC’s organizing fellow.

Youngstown has information on 954 houses currently vacant — several more exist — with about 735 of them either in the process of being foreclosed by a bank or foreclosed, city officials say.

The city has sent letters to several of those banks informing them of the $10,000 bond on each structure.

For the complete story, read Wednesday’s Vindicator and Vindy.com


1uselesseater(229 comments)posted 3 years, 2 months ago

Color me stupid on this one...

How will a 10k bond on each structure help anything?

It is my understanding that banks carry insurance against the structures they have possession of. Wouldn't that be sufficient.

Vindy needs to do a better write up of this as it is a major issue in Ytown with abandoned and empty properties.

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