Summit County, the home county of Akron Ohio, has recently passed Ordinance 2008-394, to enforce a new “Foreclosure Education and Prevention Fee.” This emergency ordinance was passed to fund the office of Consumer Affairs and the Sheriff’s Foreclosure Task Force, which have been established to combat the “foreclosure crises” and predatory lending practices of some lenders in that county. Previously, the office of Consumer Affairs and the Sheriff’s Foreclosure Task Force were being funded by the county’s general fund.
Effective January 1, 2009, the Summit County Sheriff will be collecting a fee of $200 from each successful bidder of foreclosed property sold at Sheriff’s Sale, to fund these programs, in order to alleviate the county’s general fund. The fee will be paid to the Sheriff as part of the deposit made by the purchaser at the Sheriff’s sales in Summit County. The failure of the purchaser to pay this fee at the time of the sale will result in the foreclosed property being immediately re-offered for sale by the Sheriff.
In compliance with this new ordinance, the Real Estate Default Practice Group at Weltman, Weinberg and Reis, Co., LPA, will be calculating this $200 fee together with the sale deposit amount that must be received by our office from those who wish to enter a bid at sale in Summit County.
If you have any questions on this information, please contact Mr. Benjamin N. Hoen, Esq. Ben is an Associate in the Cleveland office of Weltman, Weinberg & Reis Co., L.P.A., practicing in the Real Estate department. He can be reached at (216) 685-1164 or via email at bhoen@weltman.com.
Client Advisory is published by Weltman, Weinberg & Reis Co., L.P.A., an organization providing comprehensive creditor representation. The information contained in this advisory is a summary of legal information and is not intended to constitute legal advice on specific matters or create an attorney-client relationship. Contact any of our offices or visit our website at www.realestatedefaultgroup.com for more real estate related information, company facts and attorney profiles. (c)2008