A bungalow located near Goodyear Heights Metro Park in Akron was sold for $1 at a sheriff’s sale on December 16. The house was 92 years old.
Akron Bungalow: The Bill Of Law
The one-dollar price for the house was made possible because of a revision of Ohio law governing public auctions. The revision took place last year.
It was reported that the bungalow is the first to sell so cheaply in Summit County since the House Bill 390 was passed last summer.
According to Yahoo News, the new law states that vacant homes can now be sold at cheap rates. In fact, they can be sold for less than two-thirds of their evaluated value at public auctions across Ohio.
Citizens Bank, the mortgage lender, was also the buyer. The bank guided the homeowner into foreclosure and also petitioned a county judge, who then ordered the sheriff to evict the female resident who lived there.
Moreover, the “fast-track foreclosure bill” lessened the time held by abandoned properties to wrap up foreclosure suits to as little as six months. The limited time was given to avoid criminal elements or deterioration.
It was reported that no one challenged Citizens Bank’s winning $1 bid, according to Ohio.com.
While the new state law was dubbed the “fast-track foreclosure bill,” opponents and advocates of the bill talked about its wide-ranging implications.
The bill was supported by Democrats, Republicans, attorneys representing borrowers and the Ohio Mortgage Bankers Association.
Akron Bungalow: Evicted Resident
The woman evicted from the house had been staying there only recently. She was taking care of her ailing mother, Margaret Havansky, who lived in the house since 1993.
According to public records, Havansky had taken out a second mortgage and credit on the home in 2003.
Other than the sum of $7,252.45 of the $30,000 loan, Havansky had paid off the rest. She died in September 2015.
“The bank owned that house, and the mother got sick. The daughter had three kids,” said a neighbor from Larkin Avenue, Jeff Arthurs.
“Long story short, she got sick and the medical bills just piled up. These were nice Christian people.”