Welcome to Foreclosure Help Guide
Need Help In The Foreclosure Process 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.
Need Help In The Foreclosure Process Specific links
Need Help In The Foreclosure Process News
SALE CONTRACT WON’T STOP FORECLOSURE PROCESS
Q: I listed my home for a short sale in October and recently received a contract from a buyer. I’m waiting for the bank’s approval. At the end of March, I was served with foreclosure papers. How is this possible if I have a contract on the property?
Read more...Foreclosure Prevention Event to Be Held Thursday
A group of mortgage lenders and nonprofit housing organizations will hold a free foreclosure prevention event in Milwaukee on Thursday.
Read more...A South Jersey foreclosure counseling agency reluctantly closes shop
The residential mortgage-foreclosure crisis was good for business at Ahome Affordable Homes in Millville. Make that too good: After several years of growth, the respected nonprofit agency, which had assisted at least 2,100 people facing foreclosure since 2009, laid off four counselors and several other staff members last month because its funding couldn’t keep up with the demand for services.
Read more...Foreclosure need not be owners fate
Foreclosure filings in La Plata County remain more than 10 times what they were in the two decades before the real-estate bust, making it clear many local homeowners are still struggling.La Plata County Treasurer Ed Murray said about 250 new filings are expected in 2012, down slightly from the previous three years.
Read more...Troubled Homeowners Need A Massive Taxpayer Bailout, TARP Creator Says
Unless as a nation we are willing to spend substantial taxpayer dollars to help those who need a lot of housing assistance, any new foreclosure program, even the latest silver bullet of principal write-downs, is likely to have only limited reach.
Read more...