House Bill 3 (HB 3) would severely limit the availability of mortgage credit in the state of Ohio. If passed, HB 3 will drive away lenders from the state and make secondary market investors unwilling to purchase mortgage loans made in Ohio. The bill contains several troubling issues, which would have dire consequences to the availability of credit in the state. First, HB 3 would enact a blanket, six-month foreclosure moratorium on all properties in the state without providing meaningful solutions during the moratorium period. The bill also grants judges the discretion to unilaterally modify and change the terms of existing mortgage contracts, up to and including writing down the amount of principal owed, for three years. Lastly, HB 3 contains a provision that would permit borrowers to remain in a bank-owned property after a foreclosure sale as a tenant until the bank can sell the property to a purchaser who intends to occupy the home.
Please take action now by contacting the members of the Ohio House Housing and Urban Revitalization Committee to let them know you oppose this bill by clicking here: http://www.capitolconnect.com/mbaa/takeaction.aspx
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