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Government Help With Foreclosure Article
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Home Foreclosure Help Available in Ohio
from:Ohio has led the nation in foreclosures. This fact has prompted many government and privately owned agency to develop home foreclosure help in Ohio. Most of this help is available to homeowners that took out risky “subprime” loans. These loans are called subprime because of the borrower’s credit history; they were unable to qualify for “prime” mortgage rates. The subprime mortgages come with a higher interest rate to cover the risk factor of the lower credit score. It also includes a limited time “teaser” rate that was much lower than the actual interest rate. Many lending institutions did not make it clear to borrowers what the actual mortgage costs were. These borrowers often find themselves looking for home foreclosure help in Ohio once their “teaser” period is over.
One privately operated agency, Ohio Housing Finance Agency (OHFA) recently developed a program to give home foreclosure help in Ohio to those with subprime mortgages. The program is called the Opportunity Loan. The program is a refinancing program that provides fixed 30-year mortgages at competitive rates to borrowers that can no longer pay their current mortgages. In order to qualify for this program, borrowers must complete four hours of HUD (US Department of Housing and Urban Development) approved counseling. All the counseling hours must be completed prior to the close of the loan. If the borrower is far down the road to foreclosure, this program will not be able to help. Although some credit issues on the mortgage in the prior 12 months may be acceptable, it is important to seek help at the first signs of trouble paying the mortgage.
Other federal, local and private agencies can offer home foreclosure help in Ohio. Not all the programs will be available for all borrowers. It is important to research all the options and decide which one would be the best fit. The best place to start is with your lender. Lenders have the most up to date information on programs offering home foreclosure help in Ohio. Another great resource is the HUD web site. There are many tips and suggestions that will help you get your finances in order and help to avoid foreclosure. Links are available to customize the information based on your state and county.
Since the subprime mortgages have become a problem, many agencies are coming up with programs that offer home foreclosure help in Ohio and other states. It is important to research all the programs available. Don’t decide on any one program without first examining all to see which one is a better fit for your financial situation.
Government Help With Foreclosure News
Lawmakers Gave Millions from Mortgage Settlement to Local Governments - LoanSafe
 RealtyBizNews | Lawmakers Gave Millions from Mortgage Settlement to Local Governments LoanSafe (MCT) — Virginia lawmakers in March diverted most of a multimillion-dollar mortgage settlement payment to local governments. Virginia received $66.5 million as part of a national $25 billion settlement with five large banks for foreclosure fraud. Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds STATE USES NATL' MORTGAGE SETTLEMENT MONEY TO PLUG BUDGET Attorney General ... Georgia – No Plans To Help Homeowners |
Land bank would help cities rid itself of blighted homes - Middletown Journal
Land bank would help cities rid itself of blighted homes Middletown Journal The biggest concerns about the county forming a land bank had been about creating more bureaucracy, the impact on school districts and taking tax money from parts of the county that are less affected by foreclosures, said county government officials. |
Local Agent Provides Free Government Program Eligibility Surveys to Middle ... - PR.com (press release)
Local Agent Provides Free Government Program Eligibility Surveys to Middle ... PR.com (press release) This resource now contains eligibility surveys for government programs offering help to distressed homeowners, including the Home Affordable Foreclosure Alternatives Program, or HAFA, which increases the likelihood of a short sale or deed-in-lieu of ... |
GreenPath Debt Solutions Takes Part In Government Housing Counseling Study - MarketWatch (press release)
GreenPath Debt Solutions Takes Part In Government Housing Counseling Study MarketWatch (press release) HUD concluded that the findings suggest that pre-purchase counseling helps clients make good decisions regarding homeownership, and might help to make homeownership more sustainable. Foreclosure prevention counselingHUD's foreclosure counseling study ... |
Lincoln Town Council denies foreclosure ordinances - Valley Breeze
Lincoln Town Council denies foreclosure ordinances Valley Breeze "These were made with the intent to help and assist homeowners and renters facing a difficult economy," Jahnz said. "I'm hoping the town government could provide some sort of solution until better times arrive." Jahnz and Councilor John Flynn both ... |
DC news in brief - Washington Post
DC news in brief Washington Post Highlights include workshops on foreclosure prevention, homeownership, senior housing and financial literacy; free credit reports and counseling; home repair and cooking demonstrations; and exhibits from community and government organizations, ... |
Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages - KGTV San Diego
Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages KGTV San Diego It says the company wants to help foreclosed homeowners "begin again and regain financial independence without the baggage of old liens or bad credit history." The home page also features a link to a proclamation of the company's intent to seek ... |
Nevada Appeal Candidate Guide: US Senate, Republicans - Nevada Appeal
Nevada Appeal Candidate Guide: US Senate, Republicans Nevada Appeal As so many Nevadans fight foreclosure, I've introduced legislation to help families stay in foreclosed homes and protect property values. Government should close tax loopholes for oil companies and pass savings directly to consumers. |