Essential Elements of a Private Fast-Track Foreclosure Law Incorporating County Land Banks By: Gus Frangos, President and General Counsel Cuyahoga Land Bank May 18, 2016

Overview of Essential Element Special Statutory Proceeding: Civil Rule 1 Due Process Evidentiary Rebuttable Presumptions Direct Transfers to Financial Institutions and County Land Banks Real Estate Taxes on Transfers to County Land Banks

The Theory of Fast-Tracking from a Community Development Standpoint Discouraging Zombie Mortgage and Zombie Foreclosures; Title Clearance and Promoting Responsibility by Direct Acquisition to Lenders or County Land Banks; Must Complete the Action: Finality of Disposition

Anti-Zombie Provision Lender and County Land Banks: Direct Transfer Agreements upon Filing of Complaint; Rebuttable Presumptions Residential Mortgage and Residential Property Default and Amount Thereof Authority of Affiant Priority of Lienholders Occupancy (continued)

Anti-Zombie Provision - continued First Mortgages v. Subordinate Mortgages First and Only Lien: Direct Transfer to Lender or Land Bank Subordinate Lienholders in Default: Dispose per III(A): Direct Transfer First Lienholder vs. Subordinate Lienholders vs. Valuation Presumptions: Non-Default Situations Transfers to County Land Banks and Real Estate Taxes: See R.C. 5722.10