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Hud Help With Foreclosure Article
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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.
Hud Help With Foreclosure News
CredAbility Supports HUD Studies on Housing Counseling
ATLANTA -- CredAbility said today that it strongly supports the findings of two studies released by the U.S. Department of Housing and Urban Development (HUD) that validates the value of housing counseling ...
Read more...GreenPath Debt Solutions Takes Part In Government Housing Counseling Study
Pre-purchase and foreclosure prevention counseling deemed as a positive for individuals and families
Read more...HUD: 750,000 borrowers helped with Obama refi plan
Even as roughly 750,000 borrowers who have no equity in their homes have benefited from an expanded White House refinancing program, more needs to be done, a top housing regulator says.
Read more...Community Housing Innovations (CHI) Will Host Free Fast Track™ Loan Modification Workshop; Chase Mortgage Holders ...
Community Housing Innovations (CHI), a HUD approved non-profit housing counseling agency, will host a free three day event to help Chase Bank mortgage holders who are having difficulty paying their loan move closer to a resolution through one-on-one meetings with Chase Bank representatives. The event will take place on June 12, 13, and 14 at the CHI offices located at 190 East Post Road in White ...
Read more...HUD secretary, in visit to valley, touts help for distressed homeowners
U.S. Housing and Urban Development Secretary Shaun Donovan has a message for struggling homeowners in Nevada: Help is available. Donovan on Thursday visited Las Vegas, where he took part in several events to tout services available to homeowners facing foreclosure or who find themselves underwater on their mortgages.
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