BANKS- Banking on Lorain???? – Business of Blight??? Devaluing Lorain

July 11, 2012 at 1:12 pm 12 comments

Once again I am feeling at odds with the world of Lorain. I wish I could walk away and take my wounded spirit with me – I can’t . All I can wish for is to get through and maybe have a little peace. That looks once again to be denied to me and this neighborhood thanks to a “BANK“in this case First Federal Savings of Lorain – the ‘community bank?? and their latest decision that ripples out and effects my home. . I believe the people who OK’d these unhealthy mortgages and have caused the ripple effect of foreclosure should be held accountable. Nobody seems to be doing that so I will at least address it because I am involved up to my lessening equity – the banks need to be held accountable.
1121 West 4th Street– I have written about this house in a previous post. How it has been used and abused( pimped by the landlords) and then painted up – split and sold and then foreclosed and then fixed up again and then foreclosed again only to have it purchased back by First Federal Savings of Lorain ( who of course OK’d that mortgage that failed in the first place) from Sheriff’s sale for $28,000 in May of this year and now

Bank will strongly consider financing to owner occupied qualified applicants.
Listing Info for 1121 W 4th St
Most recent information provided by Realty Trust Service, LLC on 07/10/2012 03:58 AM:

•Price: $13,900
•MLS/Source ID: 3331006

Well First Federal Savings of Lorain I have seen and “heard ” the “people” who have come to see your listing . I spoke to a couple of them as the parked on the lawn next door under my dining room window- as I informed them they were parking on another’s property and that it wasn’t a driveway – they knew and didn’t care- they were buying the the blue house? SIGH. Oh! and quite frankly I am dreading the rest of the summer thanks to you and your “business” decisions .

You, First Federal Saving of Lorain have, in my opinion, “dumped your unwanted housing” from $56,000 to 28 thousand (buy back )to 13,900 listing just two months later .great !!! And let us face it – it was your bank that made the decision just a few short years ago by giving a mortgage to someone unable to pay it in the first place that set in motion this chain of events.

You are responsible, in my opinion, for what will ripple out and effect this neighborhood. Don’t forget, you were also the mortgage holder and foreclosed on the other neighborhood house next door 1125, W. 4th street– now scheduled for demolition.

Remember that one? Sold to Henderson then to Parlow for 28,500 then you foreclosed – 12,000 and then ZERO – well it is history – or soon will be ……

Ok! so by my math on just those two houses alone you have lost over $50,000 and also devalued the surrounding property. But that is just “business” and no big deal – you don’t live in my neighborhood! Yes, I am so grateful for your input in my block. Thank you very much First Federal Of Lorain

But you aren’t alone , we in Charleston Village have been putting up with another “banking decision” this time “passing the buck JP Morgan – another foreclosure – Thanks JP Morgan !How what is good for your business is NOT good for Lorain!!!!!

Photo Chronicle Telegram

Mayor Chase Ritenauer said the dispute is typical of the “shell game” cities like Lorain face with banks and former residents in determining the property owner and responsibility for maintenance or demolition of a home. Lorain officials have their hands full.

One in every 240 homes in Lorain was in foreclosure in May, according to RealtyTrac, a real estate website. The overall rate in Ohio was one in 495 and the U.S. rate was one in 639.

Ritenauer would prefer that JPMorgan, which earned about $19 billion in profit last year, pay for the demolition rather than Lorain. The city has been on fiscal watch by the state since 2002 and is facing a $2 million budget hole. Ritenauer estimated demolition will cost at least $10,000.

“There was an inherent risk in them lending the mortgagee that money, the mortgagee didn’t come through and now, in my mind, it’s the bank’s responsibility,” he said. “This, to me, is the cost of doing business for a bank, and they need to step up and knock the building down.”


Entry filed under: a Cow -elle opinion, Charleston Village, city of lorain, commentary, Corporate responsibility, notorious opponents of exactitude, personal opinion. Tags: , , , , , , , .

Healthy Neighborhoods???- Healthy Tenants? Moral bankruptcy Nana’s view from the top- Lorain Dude(s) – BLoomin’ Balcony

12 Comments Add your own

  • 1. Lisa S.  |  July 11, 2012 at 5:34 pm

    One of the best outcomes I have seen involved one of the neighbors buying the foreclosed house next door to him. They fixed it up and rent it. But they are picking their neighbor.

  • 2. Loraine Ritchey  |  July 11, 2012 at 5:58 pm

    I am too old and as I said before of the 8 owner occupied homes on this block 6 are considered senior citizens and when they or I die no young family is going to purchase and move in – I would have to buy the whole block eventually the last house that happened to 2 years ago finds the neighbors dealing with a lifestyle that is totally opposite to those of the owner occupied residents.

    Funny because these people move into this neighborhood because it is “quiet” and then they are the very ones that destroy that quiet…..

  • 3. aka/mozart  |  July 11, 2012 at 7:12 pm

    you mean there is such a thing as a quiet neighborhood?…not on my curb….almost any means of noise…i hear it all…from the park, to the mom screamin at her kids running a muck…car stereos…trains….fireworks..gunshots….loud exhausts….(i do like the train)…CAN YOU HEAR ME NOW????..LOL….good grief. granted not all at once…but sometimes almost.

  • 4. Loraine Ritchey  |  July 11, 2012 at 7:23 pm

    Really this is or was a very quiet neighborhood unless school was in session especially after the one bunch that lived in the blue house were foreclosed upon……. now they were “noisy” and their chickens and ducks — it was like dog patch over there I kid you not at one time they had 18 people in that three bedroom home . snakes and dogs and tropical fish – I know childrens’ services were called on them a number of times ( nothing was done) the one little boy my heart bled for he was the “whipping boy” would see him thrown outside ( he was partially deaf) in all sort of weather as punishment – It is frustrating when CS do not act in the way you think they would and you continue to watch the train wreck………- they ended up on Cromwell Grdns and then sheffield I believe……when they left the house they totally trashed it a hot tub that was full of mould they let the ducks swim in that .the pornographic magazines/ videos etc were strewn about all over the place. and then a 50 gallon fish tank full of dead fish I shudder to think what happened to the snakes….

    Oh yes we have see them come and go in that house

  • 5. aka/mozart  |  July 11, 2012 at 9:21 pm

    i know only to well…as i only have two neighboors that are helping sustain this block….the other homes are slum..and looked to be drug houses…but since..they have left..leaving the landlord a 650.00 water bill…and no rent since January….the house is now for sale.,,but who will buy it in such an enviorment of ghetto minded individuals…
    .the yellow house has 4 generations living there…the young are breeding like rabbits…sit on their perch most of the summer days…and you can hear the mother screaming at her kids whlile nested the porch..
    they have given us much grief over the years…. do not even so much look there way…as not to hear them yell out of their ghetto filth mouths…Thank god for winters…that is all that i can
    say…come spring..;there will be a new batch of younglings….momma bird..cant you keep your wings together.?

  • […] I have personally felt the negative ripple effect from First Federal Savings of Lorain decisions and have written about it here… […]

  • […] The house at 1125 also was not a candidate for rehabilitation – However, all is not lost as the very same agency ” Lorain County Land Re-utilization Corp – Lorain County Port Authority” now, I am pleased to say, has purchased another of the First Federal Saving and Loans foreclosure properties that we seem to have a plethora of in this neighborhood… […]

  • […] Banks such as First Federal Savings and Loan- the neighborhood bank( as they proclaim themselves) had issues- Well I have issues with them their track record of dumping property in this neighborhood leaves a bad taste in my mouth.… […]

  • […] and what I consider to be bank dumps adding to the loss of value to the surrounding properties.… I have written about Point of Sale which came into being January 1st 2014.It was and is a program […]

  • […] Elyria, you might want to check there are a plethora in your community – Hopefully they won’t be dumped – I can tell you from years of experience those type of sales do not “help ” the worth of housing stock in the neighborhood…..… […]

  • […] Unfortunately Mr. Carrion – easier said than done. Using Federal/ State funds has some serious rules and repercussions ( as mentioned when Lorain broke the rules and bent them in “previous years under the old Community Development Dept) and they frown upon rehabbing a house for 30 , 40, 75 or $100 thousand when Lorain’s market value for homes, in these older neighborhoods, are selling for 10-22 thousand – thanks to a lot of bank dumping and LLC’s.… […]

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