SitemapThe first reading of the legislation is slated for the beginning of January.
"This is a serious problem we need to address in our neighborhoods," said Jack Daugherty, a community leader.
Daugherty was among several community members who sat in on the meeting.
"People sometimes end up paying seven to 20 times what the house is actually worth through these land contracts," Daugherty said.
In these contracts, the hopeful homeowners end up paying more because of inflated interest rates. They also are not given protections like you would through a traditional mortgage.
"So, they create these very confusing contracts that are very hard to follow that intentionally prey upon people and exploit them," Daugherty said. To read the full story from WKBN, click here.