In October this year, the number of foreclosures in the state of Ohio reached 90 thousand; that is 1 in every 350 residential housing units! Ohio's foreclosure filings including the default notices, foreclosure sale, and bank re-possessions have put the state among the highest foreclosures in the Unites States. Furthermore, RealtyTrac quarterly foreclosure market report last September shows that there was an approximate 20% increase in Ohio's foreclosure rate from the previous quarter. The reason of the continuous foreclosure woes in Ohio is because of the increasing unemployment rate in the state. To help homeowners keep their properties and restore the housing market stability in the region, Ohio's housing finance agency has launched a mortgage assistance program called Restoring Stability: A Save the Dream Ohio Initiative.
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The Ohio Housing Finance Agency implements the various mortgage assistance programs of the federal government in their state including the Obama's Making Home Affordable: Hardest-Hit Fund. If you are a homeowner who struggle to keep up with the monthly mortgage fee or are already past his due payment, the program will provide financial subsidies for families who are experiencing temporary and permanent financial hardship. The Ohio Housing Finance Agency has received a budget of over 550 million dollars to fund the various loan modifications and home refinancing programs, and other foreclosure prevention plans proposed by OHFA.
The Restoring Stability: A Save the Dream Ohio Initiative includes: Rescue Payment Assistance, Partial Mortgage Payment Aid, Modification Assistance with Principal Reduction, and the Transitional Assistance.
The Rescue Payment Assistance gives incentives to mortgage lenders and servicers to help modify Ohio homeowners' delinquent loans. The Partial Mortgage Payment Aid pays part of the unemployed homeowner's mortgage as he or she looks for a stable job. Modification Assistance with Principal Reduction gives incentives to mortgage lenders and servicers that successfully reduce a homeowner's loan principal thus; making the monthly mortgage more affordable. Transitional Assistance gives incentives to lenders and servicers that can help a troubled homeowner proceed with a short sale and deed-in-lieu agreement immediately.
Apply for any Restoring Stability program in Ohio immediately if you are at risk of getting a notice of foreclosure. The Save the Dream Ohio program offers assistance to homeowners who have been previously been disqualified from the government's mortgage assistance programs. To learn more about The Restoring Stability: A Save the Dream Ohio Initiative, visit http://www.ohiohome.org/homebuyer/hardesthit.aspx or call them at 888-404-4674. Aside from the loan modification services, OHFA provides counseling regarding your money, your mortgage, other foreclosure options, recovery from foreclosure, etc. If you have questions, ask any HUD approved counselor in any OHFA offices near you.
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