"Community Organizers Kill Land Bank"

Youngstownshrimp · June 08, 2013, 06:13:09 AM

I concur, whoever the deed holder is owns it, whoever has POSSESSION , is responsible for "other than wear and tear."

kenneyjoe330 · June 07, 2013, 11:44:05 PM

Thank You for the compliment and reply Yo
It will probably be a very long time before you can get a good loan for realestate here in Youngstown

Yet people will get loans because banks will lend because it is their business.
If you would please - in my example of a bank loaning $40,000 for a house worth $20,000 to people who can NOT and SHOW they can NOT afford it - where does the BANK'S RESPONSIBILITY come into play

AND do they not take it off their TAXES

there by GAINING more profit - it sure is legal is it not

. Right Wing Democrat $:-\$ OR Left Wing Republican - Liberal, Conservative or what have you has NATA to do with it - BUT MONEY and RESPONSIBILITY come into play. If they lent the couple $40,000 for a CAR and they didn't pay - the bank would repossess it in a minute - only because if they get it back soon enough they can recoup most of they money. NOW in realestate they are not as quick to re coop their monies because the place was not worth that much to begin with and they can make it a loss so their profits go up.
I very sorry to hear about the problem you had with your tenant - I think the difference between the two of us is that when I was in a similar situation I blamed myself for renting to that person AND for letting the matter become costly. Rest assured I took it off my taxes

I did not blame them for the problem they were in I blamed myself for the problem I was in. However you must admitt it has little to do with "Community Organizer Kill Land Bank" or does it

I would think that who ever has the TITLE to the property OWNS it - Is this True of False

Youngstownshrimp · June 04, 2013, 06:14:59 AM

Joe,
Actually you are smarter than you say and what you write is great rationale.
Unfortunately, it is the way life and finances are in post industrial Youngstown. Trust me, the banks will never jump into the real estate bubble again.....for a long time. But they do not own the house just as if the gas or electric company lent the title holder $10,000 in utilities, they have an interest too but it does not mean they own the house, nor are they LIABLE for it. Or for that matter, you as a landowner may find one day that your tenant ran up the water bill for $5000 which you were not aware of because the account was not in your name and Thornton kept the water on to the single mother and now YOU are liable.
Bottom line here KennyJoe, the liberal bent in this town, the silly people, allow the end user, the tenant, the urban voter to TAKE NO RESPONSIBILITY when therein lies the problem.
Leftist people like Terry want responsible entities like banks, like you a hardworking individual to pay for the sins of the entitled. The bureaucratic landbank , Youngstown , community organizers they too want 50% from you, and in return.............they get the vote.

kenneyjoe330 · June 03, 2013, 11:03:48 PM

I have said this before and I will say it very plain - I AM NOT THAT SMART

and I am very sincere in truly wanting to know --- who owns this property???
Certainly "The Bank" has a GREAT interest in regaining it's monies - THAT is the business it is IN

'The Bank' GAVE MONEY to the former owner for this property and holds the - TITLE - to said property until 'the bank' gets it's money. Stupid me would 'think' that the bank OWNS the place enough to sell it to recoupe the money that it GAVE to buy the property. So WHO owns this property.

NOW this I really wonder about

and THE Catch (I think) comes into play. So here in Youngstown - I've seen it happen twice in my neighborhood. A bank lends $40,000 to a couple for a house that is really worth about $20,000. One couple had minimum wage part time jobs - neither worked more than a year at any job they had. DAAAA the house has been empty for at least eight years - can you guess why

The neighbor cuts the postage stamp front yard (but not the back) so it looks decent. Who is RESPONSIBLE for the upkeep of this place? Who has the most vested interest in it? Would it be the bank?
NOW speaking of banks - tell me TRUE - "THE BANKS" don't take these monies as a deduction on their taxes in the loss column of their ledgers do they $:-\$

If they did such a thing would that be proper if they don't own it or have any clame to it like the people that walked away from it and left 'the bank' holding the bag that 'the bank' doesn't even own yet GAVE the monies to the former owners for the property.
I have to go to work

tomorrow so I MUST leave for now, although I have more inquiries

Oh what if I bought a $40,000 CAR and paid $20,000 and just quit paying the bank? Does 'the bank' own the car

How is monies owed for a house so different than a car

or anything else for that matter

What does the term REPOSESS mean in all this money lending

THANKS
GOD BLESS ! ! !

Youngstownshrimp · June 02, 2013, 05:37:34 PM

Terry,
Let me try to explain slowly, a bank nor private note holder is never the OWNER even at the sheriff sale. Unless they BID and buy it only at the sheriff sale. So you see my friend, if I am the bank, why should I even think about owning the damn house or for that matter throwing good $10K after an abandoned property.
RESULT: more houses abandoned with an insolvent owner. Also, no more investors or banks lending money on Youngstown real estate, brilliant move by the liberals, brilliant!

iwasthere · May 31, 2013, 10:06:08 PM

no liberal bent answer, you own it take care of your property.

Youngstownshrimp · May 31, 2013, 06:49:39 AM

Iwasthere, typical liberal bent answer, "if you have a problem with it, waste taxpayer money and sue the City." This attitude of your left wing liberals is what is sinking America.
How about this, one Mr. Educator, the result of this bull new rule is that investement into real estate in Youngstown will dry up faster and BANKS won't foreclose leaving houses to decay further. Yes, what a really thought out plan once again by the remnants of Youngstown's brain drain.

iwasthere · May 30, 2013, 10:56:36 AM

this new law requiring banks to secure a bond for their upcoming foreclosures was based on canton, oh law. if, you think it is wrong bring a lawsuit against the city of ytown then let the cts decide the validity of the law.

Youngstownshrimp · May 30, 2013, 06:58:18 AM

Iwasthrere you lost me and not good response on other "towns." Two wrongs don't make a right.

iwasthere · May 28, 2013, 04:05:06 PM

was your frd selling this piece of ld on ld contract then it went into foreclosure mode? the ten thousand is the amt that other towns set up in their legistration.

Youngstownshrimp · May 28, 2013, 03:17:19 PM

So what is the upkeep on raw land worth $80 to the auditor, tell me the city needs a $10000 bond. To this?

iwasthere · May 28, 2013, 12:36:19 PM

the bond money is to maintain the property when the owner does not show interest in its upkeep.

Youngstownshrimp · May 28, 2013, 02:08:46 AM

No, my associate is foreclosing on land only which further confuses me, what does land have to do with this $10K bond issue?

iwasthere · May 28, 2013, 01:41:33 AM

i will the next time i go to a ytown council meeting. i will ask for a copy of the leg. is your frd foreclosing on someone's house that he has financed through his business?

Youngstownshrimp · May 28, 2013, 12:57:32 AM

Not true, one of my associates rec'd a letter from the City advising of requirement and he is not a bank. This is the problem of the community organizers, they want to stack the deck to their advantage as if they are exempt from free enterprise.

Iwasthere, show me the legislation that landbanks are exempt so free enterprise can sue them or shut them down.

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"Community Organizers Kill Land Bank"