TOLEDO -- The Lagrange Development Corporation in North Toledo has been a longtime critic of John Ulmer and his Westhaven Group. Now they're celebrating his apparent departure from the controversial real estate company.
Westhaven buys and sells homes to low income Toledoans on land contract. But the Ohio Commerce Department has just taken over the company for alleged violations of the state's security laws.
A judge has also suspended payments to all Westhaven investors. But what about the 500 folks who currently own Westhaven property? The rub has always been Ulmer charges high interest on loans for run down properties. New owners sometimes have to make costly repairs which can cause them to default on their loan and lose the house.
On Monday, there was a demand from members of the Lagrange Development Corporation that Ulmer re-pay all families-past and present-for what they call "unscrupulous land contracts." But it may not be that easy. "We're going to have to contact the state of Ohio and Commerce Department and go through the assistance one step at a time. Work with the city of Toledo to find out how we can help those victims" says Toledo State Senator Teresa Fedor.
News 11 called the Westhaven Group today for reaction from John Ulmer. We were told he's no longer with the company.
|Created by:||mdharris on 12/19/2005 6:03:46 PM ET|
|Last Updated by:||abaker on 2/7/2006 6:48:26 AM ET|