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CLEVELAND – County officials in Cleveland are declaring a six-month halt in foreclosures for unpaid property taxes.
Cuyahoga County Treasurer Jim Rokakis plans to announce the moratorium on Tuesday. Officials said it will cut a break to about 1,700 homes now in the foreclosure process and another 1,700 expected to fall behind on payments in the next half-year.
Cleveland has one of the country’s worst foreclosure problems, and Rokakis tells The Plain Dealer newspaper things are only getting worse. Officials hope the moratorium will help some owners avoid foreclosure and prevent more properties from going vacant.
Taxes will still be owed after the six months, and penalties and interest will continue to add up during the timeout.
