1. 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

2. 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

3. 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

4. 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)

5. 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