Losing challenges are never fun, last week ended, the BUCKS lost, business challenges still exist, and the housing market is still upside down in Ohio.

What is it going to take for the citizens of Ohio to get through all the foreclosure, fraud and bad times?  I definitely do not have the answer to that question, but maybe someone has some insight on this topic.   I would love to hear more.  I deal with the back end of the foreclosure industry, we mostly go through a foreclosed property and bring it up to speed for the sale.  We run through a lot of inventory on a daily basis whether it is pre-sale/post-sale and/or REO. Our challenges entail performing work on property that is ready to fall over or the half-million dollar estate that failed to make payments and everything in between.  How a property ends up in our laps is based on the lender's ability to NOT work out a plan with the mortgagor.  When we perform evictions we learn a lot about the should of's and could of's, but ironically I see that some lenders like to cover up their tracks to make sure they get back possession of the property.

I was negotiating a short sale with a property that had a 1st and 2nd on it.  The 1st was willing to work with the mortgagor and bring the distressed property back to current with a program.  The 2nd was not willing to negotiate and sit back.  They aggressively pursed foreclosure to the final hour.  The buyer that was lined up had a few lumps that we had to iron out to make the deal complete, while all of this was going on the mortgagor was getting all the copies of the filings from the courts from the 2nd and refused to cease action even though the 1st was willing and patient while all the loops were being jumped through to make the deal happen.  The property sold in time, the first was satisfied, the second ending up taking the hit but agreed to the compromise.  This is just an example of how these lenders can be really devious and aggressive, which further contributes to the number of foreclosures that actually are fully executed by the lenders in our state.  

I hope that the new plan of subpoenas on lenders will help control the number of houses forced into foreclosure.  The negative side to this is that would slow down our regular flow of business.  It will also make borrowing difficult, because many of the investors/lenders will pull out of the state and not want to loan money in Ohio.  I am still researching this deal, so my facts may not be too accurate right now.  And this is my babble session.