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CLIENT ADVISORY - January 8, 2008
WWR Real Estate Default Group Gets Involved in the Development of Mediation Processes and Procedures for Ohio Foreclosures
by Frank J. Veneziano, Esq.
On December 20, 2007, Tom Moyer, Chief Justice of the Ohio Supreme Court, hosted a statewide meeting on what many people are referring to as the "Ohio Foreclosure Crisis". Several individuals and organizations attended the meeting, which resulted in the creation of multiple working groups focused on instituting a mediation process for foreclosure cases that are filed in Ohio, among other initiatives.
To aide in this mediation process, the Chief Justice called upon attorneys in Ohio to volunteer on a pro bono basis in order to help show their support, referring to a Statement on Professionalism that recognized each lawyer's obligation to engage in activities that promote the common good. That principle is included in a new Court publication, "The Supreme Court of Ohio Professional Ideals for Ohio Lawyers and Judges". In particular, the Supreme Court is working with the Common Pleas Court in Cuyahoga (Cleveland), Franklin (Columbus) and Montgomery (Dayton) Counties on pilot projects that can serve as the basis for other courts instituting mediation programs statewide.
The Real Estate Default Group (REDG) at Weltman, Weinberg & Reis Co., LPA (WWR) has been at the forefront of loss mitigation initiatives. As a result, Frank Veneziano, managing partner of the REDG, has been included in some of the discussions with the Ohio Supreme Court staff, as well as other working groups involved in this project that are developing mediation processes and procedures. We anticipate these new processes and procedures will result in some additional burdens being placed on lenders, servicers and their counsel.
The REDG would like to reach out to you to obtain your thoughts and feedback as to what may or may not be possible from the lenders' and servicers' perspectives as these initiatives are being created statewide. Some of the ideas proposed include information on prior loss mitigation attempts, pay histories for a certain period of time prior to the default that is the basis of the foreclosure, completing and filing a property condition report, and/or providing a BPO so that the parties involved have some idea as to the value of the real estate being foreclosed upon.
In all likelihood, there will be a significant need to train mediators that will be involved in this process on loss mitigation concepts and alternatives to foreclosures, which may provide an excellent opportunity for lenders and servicers to become involved and receive some much-needed positive publicity.
If you would like to provide your feedback or volunteer resources to train mediators throughout the State of Ohio, please email beFrank@weltman.com.
Frank Veneziano is the managing partner of the Real Estate Default Group and the Cincinnati Office of Weltman, Weinberg & Reis Co., L.P.A. Frank can be reached at (513) 723-2204 or via e-mail at fveneziano@weltman.com.
The Real Estate Default Group at Weltman, Weinberg & Reis Co., L.P.A. combines expertise in bankruptcy, litigation, foreclosure and title services. Focused on a new way forward, because the old ways just won’t work anymore, the REDG provides comprehensive legal representation to mortgage lenders and servicers to help resolve non-performing assets in a timely fashion. By creating loss mitigation opportunities and identifying contacts to help resolve loans, or by producing clear and marketable titles as quickly as possible, the REDG strives to deliver solutions that leverage our ability to exceed your expectations.
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 realestatedefaultgroup.com for more information, company facts and attorney profiles. ©2007