Welcome to Foreclosure Help Guide
Foreclosure Help Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Ohio Foreclosure Help
from:Ohio is a state that was adversely affected by the recent national rise in foreclosures. In 2006, Ohio led the nation in foreclosures. This prompted government and private agencies to develop more programs offering Ohio foreclosure help. These programs range from refinancing to assistance with selling the home before foreclosure can occur. There are also programs offering Ohio foreclosure help in the form of rebuilding after foreclosure. Many Ohio residents have found themselves facing foreclosure issues due to their subprime mortgages. These mortgages were made mainly to people with less than perfect credit that did not qualify for prime rate mortgages. These subprime mortgages have higher interest rates to offset the risk of their damaged credit. The problems arose because most of these subprime loans came with a limited time “teaser” rate. Once these teaser periods expired, homeowners found their payments increasing tremendously. In some cases, borrowers weren’t aware of the mortgage’s actual costs. They found themselves in a position where they could no longer afford their mortgage payments.
One privately operated agency, the Ohio Housing Finance Agency (OHFA) implemented a refinancing program in 2007 to assist residents who found themselves in need of Ohio foreclosure help. They offer a refinancing program that provided affordable fixed rate mortgages to those stuck in subprime mortgages. The Ohio based agency plans on issuing $100 million in taxable municipal bonds that will pay for financing 1,000 loans with a fixed rate of 6.75%. Although some credit issues against the current mortgage within the previous 12 months are allowed, this program is mainly for those borrowers that are not in default or beginning the foreclosure process. In order to qualify, borrowers need to complete four hours of financial counseling by a HUD (US Department of Housing and Urban Development) approved counselor. This counseling must be completed before the close of the loan.
HUD is the federal agency that is responsible for providing Ohio foreclosure help on the national level. Their web site is a great place to start researching information and programs that are available. They provide tips and suggestions to assist home owners in getting their finances together and avoid foreclosure. There are links that will provide a customized list of options for Ohio foreclosure help. HUD has a comprehensive list of HUD approved counselors available in every area. They are able to provide information concerning what type of program is best suited for every specific situation.
Many counties also have programs available for their residents. While researching Ohio foreclosure help, be sure to access county specific agencies.
Foreclosure Help News
Gov't expanding rules for mortgage help program - CNN Money
NEW YORK (Associated Press) - The government will let more borrowers qualify for a new $300 billion program that lets troubled homeowners swap risky loans for more affordable ones, a Bush administration official said Wednesday. Department of Housing ...
Read more...FDIC chief presses for gov't action on mortgages - WTOP Radio
WASHINGTON (AP) - The head of the FDIC on Tuesday pressed again for more aggressive government action to help millions of home borrowers avert foreclosure, saying federal money is needed to ensure economic recovery. Federal Deposit Insurance Corp ...
Read more...Where Obama Can Look For Help On The Hill - NationalJournal.com
In March 2006, about 15 months after he was elected to the Senate, Barack Obama reflected on his job and the importance of personal relationships in the legislative process. When asked in an interview with National Journal which senators had been ...
Read more...Foreclosure Video Gallery - CNBC
The government is considering a plan that would help around 3M homeowners avoid foreclosure, with Bruce Marks, Neighborh... Realty Check: Foreclosure R... Foreclosure filings in September have dropped but probably due to changes in state laws ...
Read more...Countrywide Agrees to Help Kansas Homeowners - KWCH.com
Mortgage lender Countrywide Financial Corporation has agreed to provide approximately $8 billion in home loan and foreclosure relief to as many as 397,000 homeowners across the country including more than 1,000 in Kansas, Attorney General Steve Six ...
Read more...


