If you are currently behind or are at risk of falling behind
on your mortgage payments, know that there are resources available that may
help you save your home. Congress is
finally making headway on passing mortgage
legislation, but the links
below may meet your needs more immediately.
Do not delay in seeking help: the earlier you act, the more likely you
will be to save your home.
Mortgage servicers are becoming increasingly likely to
engage in loan workouts, as they understand it is in everyone's best interest
to keep you in your home. To this end, nine mortgage servicers signed a compact
with Governor Strickland, agreeing to engage in loan workouts with their
customers.
When you contact these sources, it is best to have
information about your loan, including your mortgage servicer and account
number. This information can be found on
your billing statement. For additional
information on useful documents, go to Ohio Save the Dream's webpage titled Contact Your Mortgage Servicer.
- Ohio Save the Dream is the
state's program to help homeowners who are facing foreclosure or who are
at risk of falling behind in their payments. Its website offers expert information
on: counseling options, preparing for contact with your mortgage servicer,
avoiding foreclosure prevention scams, and other information pertinent to
helping you stay in your home. Visit their website or call toll free: 888-404-4674.
- The Ohio Housing Finance Agency
(OHFA) has a refinancing program called the Opportunity Loan Refinance Program
for homeowners who are having trouble meeting the current provisions of
their loan terms. Homeowners with
adjustable rate mortgages, interest-only loans, high interest rate loans
or otherwise unfavorable terms may qualify for this refinancing program. Those who qualify will be able to
refinance their homes into a 30-year fixed rate loan. Call
toll free: 888-362-6432
- The HOPE
NOW Alliance provides credit, debt management, and foreclosure
counseling for homeowners in distress.
HUD-certified counselors help homeowners make contact with their
servicers in an effort to develop loan workouts, including loan
modifications or loan repayment programs.
To date, they have helped over one million people secure loan
workouts, including more than a quarter of a million loan modifications
resulting in lower payments. Call toll free: 888-995-HOPE.
- Northwest Ohio Development Agency provides counseling and refinancing help to homeowners
who are having trouble keeping up with their mortgage payments. NODA also works with borrowers to reach
out to their servicers in order to structure loan workouts. Call:
419-243-3734.
- Neighborhood Housing Services of
Toledo provides counseling services as well as a limited
budget for short-term loans to homeowners who have gotten behind on their
mortgage payments but who otherwise have the ability to pay on time. An example of an eligible homeowner
might be someone who experienced a period of unemployment or who fell ill,
but with catch-up assistance would be able to resume timely payments. Call: 419-691-2900.
For information on additional resources, contact the Ohio Treasurer of State, which provides information on resources by county.
Don't delay in contacting one of the above sources today! Remember, the sooner you act, the more likely
you will be to save your home.
Still need help? Contact my office at (419) 259-7500 or (800)964-4699.
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