Comments on: City fails Wick Park 2010 test

By: jimmy in maryland

jimmy in maryland — Tue, 08 Dec 2009 05:00:07 +0000

Donna – You all can’t get those boarded houses sold because they would be burned too. What the heck is with Youngstown anyway with this arson? My word!

By: Phil Kidd

Phil Kidd — Tue, 08 Dec 2009 03:30:14 +0000

Hi Mark:

The local historical commission will be involved. They are currently working on the passage of a historic landmark ordinance that require certain criteria be met before the structues can be demolished, etc. Also, The Cleveland Restoration Society will came to view the situation and they were floored. They will be submitting an article to the National Trust as well as assist in looking to find some additional funding options (should and end user be found).

It’s a few more pieces, however, we need to get these titels cleared an the properties in hands of a good investor.

By: Mark

Mark — Wed, 02 Dec 2009 16:20:40 +0000

What is the YSU historic preservation department’s level of involvement in helping to save the wonderful pieces of architecture that are sitting in ruin all over the city? Can/are state and national preservation forces paying attention/getting involved?

By: Ben Lariccia

Ben Lariccia — Mon, 30 Nov 2009 15:53:16 +0000

“The street department should not have the autonomy to raze any
structure without first receiving a demolition order from the
building and demolitions department. It is not the job of the street
deparment to decide what goes and what stays, but rather to do the
work that it is ordered to do.”

Good point, Alan.

By: Ron Eiselstein

Ron Eiselstein — Sat, 21 Nov 2009 15:57:21 +0000

Debra, I am humbled that you an officer of the court has blessed my layperson’s interpretation.

By: debra weaver

debra weaver — Sat, 21 Nov 2009 14:19:21 +0000

Ron’s explanation of tax lien sale and forfeiture is one of the best succinct explanations I have seen. Let’s do it!

By: Ron Eiselstein

Ron Eiselstein — Sat, 21 Nov 2009 05:06:31 +0000

Securing Property Thru Tax Certificate Forfeiture

In real estate, many mortgagees prefer amortized payments in the form of a PITI (principle, interest, taxes, and insurance), to insure their security, their collateral. Taxes trump all liens and the mortgagee is aware that unpaid, they supersede the mortgage. If taxes accumulate, it will reduce the secured debt of a mortgagee resulting in the same debt becoming unsecured depending on the value of the collateral.

The sale of tax certificates by Mahoning county is a recent practice and was accompanied by a hybrid in foreclosure, forfeiture. In laymans terms, the process begins with the conveyance of tax certs. at a discounted price. A real estate lawyer is needed to begin the forfeiture complaint. The necessary part of the lawyer’s filings are:

1. Auditors recording of tax certificates
2. PJR (preliminary judicial title report)
3. Appraiser’s statement of taxes being greater than value of property
4. Notification to defendant lien holders if any
5. Legal news publication in the event of no service

Once the complaint proceeds through the county court system and defendants do not respond, the property is forfeited if the tax debt is greater than the value of the property. In the event that the taxes are not greater than the value, the property must be auctioned at a sheriff sale and the tax lien is still superior.

There are two ways investors approach tax cert. investing, one is for the gain between the discounted price plus the 18% allowed interest, and the face value of the cert. The other is taking title to the property.

The owner of the property can only redeem the property by satisfying the face value, interest, legal fees and cost.

A side note here is that taxes are legally descibed as in rem and not in persona, meaning that the lien is not personal but is against the property.

By: Jack Daugherty

Jack Daugherty — Sat, 21 Nov 2009 00:56:03 +0000

I’m also in. As a neighborhood resident, YSU Student, and member of Student Government, I have invested interest in making sure that this neighborhood is safe and sustainable for students. Plus, I think some of those houses you’re talking about have great potential for student housing opportunities.

Please keep me posted on this discussion and feel free to e-mail me at jndaugherty@student.ysu.edu .

I’d be glad to help in any way that I can. Now is certainly the time to act.

By: Ron Eiselstein

Ron Eiselstein — Fri, 20 Nov 2009 23:36:15 +0000

Phil,

I’m in, so that makes three of us. By sunday, I will e-mail you the steps we need to take for the tax cert. forfeiture. Are we going to request the city landbank to secure the certs? Or have they agreed to this already? I will see also if Atty. Chevlen can be present to answer any questions.

Thank you for putting all of this together, I was working today with Rick and he seems very pumped to move on saving the mansions, he has a lot of mechanical skills and would be a plus to this preservation.

You are a very good speaker, and in light of our brainstorming session, can you explain the scenario to the people, I will be willing to explain also, but I seem to piss people off when I talk. You seem to understand the legal process from our conversation.

By: Phil Kidd

Phil Kidd — Fri, 20 Nov 2009 20:32:07 +0000

Rick:

It appears that you and Ron have the plan. We “talkers” are ready to follow the Doers Club lead. So, lead the way. We’ll do whatever is necessary. At the end of the day, it’s about saving these houses so let’s get to it. I’m all in. The folks that are intersted in this effort are willing to support/invest will be at the meeting at the Unitarian Church on Monday @ 5:30pm. Please attend and provide us a good action plan so we can get to it. Thanks for reaching out.