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66 C O V E R S T O R Y / B R I A N A . L E E Carrying the weight of the largest consumer industry, tied down and stretched thin by so many stakeholders and painted black by the dashed American Dreams of troubled homeowners, there's little wonder that the foreclosure system has moved along at glacial speed. Given the many "dangers, toils, and snares," it's a sure bet that count- less citizens of crumbling residential communities across the country have believed that amazing grace alone could counter such calamity. ere does seem to be a light at the end of the tunnel; however, the trend of judicial states implementing fast-track foreclosure statutes for vacant properties brings hope to a dense, difficult, and often depressing system. On the heels of its in-depth focus last summer on both the state of and challenges within the foreclosure market, DS News brings you the third and final installment in the series: foreclosure solutions. Only two fast-track foreclosure laws are on the books nationwide—in Ohio and Maryland— but, according to Community Blight Solutions, Illinois, Pennsylvania, and New York could be the next to implement much-needed remedies. "It's all about keeping people in their homes as long as possible, but, once abandoned, a house becomes a liability," said Robert Klein, Commu- nity Blight Solutions' and Safeguard Properties Founder and Chairman. "Fast-tracking enables the mortgage servicer to get possession of the property before it deteriorates. is directly leads to on-time conveyance and faster rehab and sale." e new foreclosure law in Ohio, which took effect on September 28, 2016, expands the rights of mortgagees in advance of and during a foreclo- sure. e statute authorizes an expedited foreclo- sure action against vacant and abandoned single- family residential properties, allows the bank or servicer to enter and secure such properties, and criminalizes the damaging or diminishing of property in any way by a homeowner from the time they are notified of an impending foreclo- sure action. e law also "extinguishes an owner's right to redemption of a mortgage on residential property found to be vacant and abandoned upon the confirmation of the property's sale." Klein added, "No one will be forced out of their home by these new laws. ere are clear protections to ensure that a property is, indeed, vacant and abandoned." e new law stipulates judicial and sale procedures for foreclosed residential property deemed vacant and abandoned, including the authorization of foreclosure sales by a "private selling officer" rather than the traditional public auctions conducted by a court officer or licensed auctioneer. It also requires the establishment of an "official public sheriff sale web site and an integrated auction management system." "e creation of fast-track foreclosure laws are the last tool that all states really need to adopt," said Steve Salimbas, CEO of Agios World Wide, Inc. "When a property enters the foreclosure process it defies common sense for that property to be tied up legally for years. With this final step, properties will be occupied much sooner, which means they will be maintained and cared for. Blight will be mitigated, home values stabilized, and the health and safety of the neighborhood will be maintained at as high a level as possible." With a national crisis, especially one involving the country's biggest consumer market, the best solutions come after examining how initial rem- edies came up short. In 2013, the Federal Reserve Bank of Philadelphia and Amherst Securities Group, LP, examined 3 million REO liquida- tions and 1.3 million defaulted loans to estimate foreclosure timelines and the cost of delay. By comparing the time-related costs to date with