The Mortgage Homeowner Story: How Erie County Can Take Action
Sandusky currently has 121 listed bank foreclosure properties. These property foreclosures are forecasted to increase, meaning property values will decrease. For a complete list of of these properties see: Resident Bank Foreclosures
The city must receive a complaint from a resident to take action against the bank on foreclosed properties. This document Complaint Form can be used to file complaints to the city about neighborhood foreclosure problems.
For checking into solutions for this problem, and to read about what other cities have done – we recommend: http://www.cudc.kent.edu/shrink/
Economists, politicians, and pundits refer to “toxic assets” as if they are some unspeakable stew bubbling in a barrel behind an old warehouse. But “toxic assets” are actually mortgages and, by extension, houses and the people who live in them. Sandra Berrios is one of millions facing the prospect of ballooning loan payments forcing her and her family from their home. The bank that lent her the money is getting hundreds of millions in TARP money, but the federal dollars flowing to the bank show no sign of trickling down to Sandra’s level.