This just in from the Franklin County Save our Homes taskforce:
Struggling to pay your mortgage? Have an adjustable rate mortgage or a balloon? Not sure what your mortgage means? Realizing that your lender didn’t escrow and now you have a big property tax bill? Worried about foreclosure?
The Franklin County Save our Homes Taskforce in cooperation with the county treasurer is holding a Borrower Outreach Day on Saturday, September 13, from 10-1. This event will be at Memorial Hall, Board of Elections (Downtown) at 280 East Broad Street in Columbus.
If you are worried about making your next monthly loan payment for any reason, you will have the opportunity to:
Meet with servicers/lenders privately
Learn about refinancing
Learn about foreclosure prevention, legal rights, loss mitigation, and credit counseling.
For more information, please contact:
The Franklin County Treasurer’s Office at 614-462-7503
This event may help you if you are concerned about your mortgage status. If you need help understanding your home mortgage in Ohio, call us today at 888-818-1850. We are committed to building the wealth of our clients. We want you to succeed in homeownership!
I promised to update you on the recent Save Our Homes statewide summit held last week, and it was definitely an eye-opening event. The takeaway was the need to tell all Ohioans:
IF YOU ARE BEHIND ON YOUR HOUSE PAYMENTS, THE WORST CHOICE YOU CAN MAKE IS TO DO NOTHING
The experts say, If you do nothing, there is nearly a 100% chance you will lose your home. Meanwhile homeowners who take basic steps like opening your mail and reaching out for help gives almost an 80% chance of staying in their home.
“We are going to have to keep at it,” said Cordray to the crowd of county officials, industry insiders, and non-profit workers. “People ask me all the time – and I don’t have the answer for them – how long is this going to keep on?”
Maybe you think foreclosure could never happen to you but are finding yourself more and more delinquent on property taxes, utility payments, or other debt service. Especially if you have an adjustable or balloon mortgage - now is the time to learn what options and assistance there is.
A number of cutting-edge programs have been rolled out in Ohio – far ahead of the rest of the nation. Ohio Treasurer Richard Cordray is showing a great deal of leadership in this effort, along with Chief Justice Thomas A. Moyer. Other states and the federal government are actively inquiring into Ohio’s efforts after recognizing them as among the most proactive and responsible.
One front of this endeavor to stop foreclosures is a Foreclosure Mediation Program. This option requires the lender and the borrower to sit down and discuss measures to avoid foreclosure. Some reach agreements like cutting the house payment for X months if the homeowner keeps the property in good condition. This allows the borrower time to find other housing, while reducing the cost of maintenance and repair for the lender.
There are other groups simply advocating on behalf of distressed homeowners. The ESOP group in Cleveland shared about successful protests of bank branches to gain the attention of the lender and stop a sheriff sale. While the manpower for such an event is enormous, the success rate is also high.
