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Ohio law about state Surety Bonds is changing 1 May

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TEL2002

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Ohio Dept of Commerce requires a Surety Bond be posted by Mortgage companies and other lending institutions. If you have a claim against a company and have obtained a judgement against them (ie. small claims court) you can collect your fee from that bond.

Effective 5/1/02 only borrowers will be able to do this...no more vendors or appraisers.

Two weeks ago I filed a complaint against a company (step 7 of my collection process). I got a call yesterday from a lady at state who informed me of this. She said I had better get a judgement "quick" then file against the state bond.

You must go to the small claims court nearest the defendant. I did this today, my court date is April 2nd. It is only a one page form and is simple to fill out. You can do it in pen at the court house. Getting the correct wording on the judgement is critical to your being paid our of the bond. So you Ohio appraisers still have a chance to squeek through on this. but you gotta hustle.

If anyone is interested, I will send you a list of numbers & addresses I have. The small claims court you will have to track down in the phone book. Email me your name and fax number and email address.

GOOD LUCK. Let's nail those deadbeats.
 

Leon Stewart

Member
Joined
Jan 15, 2002
The way to avoid this problem is not to do any work for these types anyway. By the time you go through all the trouble to collect and add that to the Cost of the Appraisal, you have lost money. Always get your money up front for individuals or Companies you don't have a regular working relationship with. You can't do work for "fly nighters" and after completing the report, you have to try and figure out when and how you are going to get paid. It's not profitable to do a $ 300 appraisal and make two or three trips to the Court House to try and get paid.

leart3
 

TEL2002

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
I totally agree...but we live and learn. This has now become a personal challenge to me - one that I do not plan to lose.

It was not very comforting when someone told me on the QT that the person was a 'frequent flyer and their name is well known' at the court house. Looks like I'm not the first on this individual's 'hit' list. Well, 20 years in the military taught me also how to hit. I never want more than what is honestly mine. Care to place a small wager on who will 'win' this one.

I'm also sicing the property owner on them. They also have valid reasons to file claims. I am willing to help the owner all I can...no charge...just let me enjoy the moment.
 
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