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

July 11, 2012 at 1:12 pm 13 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
http://www.trulia.com/property/3088607256-1121-W-4th-St-Lorain-OH-44052

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

http://chronicle.northcoastnow.com/2012/07/04/lorain-bank-at-odds-over-burnt-out-house/

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.”

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

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