Cuyahoga County Declares Tax Foreclosure Moratorium for all of 2010

The Treasurer of Cuyahoga County, an area that includes the city of Cleveland, has declared a tax foreclosure moratorium on owner occupied homes for all of 2010. In an interview with National Mortgage News county treasurer Jim Rokakis said he is not heard "one complaint or comment" from the mortgage industry about the moratorium. A week ago the moratorium was set for six-months but Mr. Rokakis this week changed his mind and made it for the full year. "I have a year left in office and I refuse to do even one more foreclosure," he told NMN. The moratorium only affects mortgagors who have not paid their real estate taxes. Over the past 10 years more than 100,000 homes in the county have entered foreclosure, said the treasurer. "We have 35,000 vacant properties here," he said. "And 17,000 or so are slated to be demolished." During the height of the housing boom subprime lenders, including Ameriquest and Argent, made thousands of loans in the county, some of which were used by speculators to flip homes for a quick profit.