Cincinnati mortgage and foreclosure assistance programs.

The Cincinnati Department of Community Development has created programs to help address the housing crisis in the region, and they coordinate free foreclosure prevention and counseling. Some programs they run themselves and some are offered in partnership with other local non-profits, such as Cincinnati Ohio HUD housing counseling agencies.

Emergency Mortgage Payment Assistance

The Community Department Department can coordinate Emergency Mortgage Assistance. They have entered into a partnership with the Legal Aid Society of Ohio. The main clients of the service are the working poor, low and moderate-income homeowners. Others who can be supported are struggling for many reasons, and  may face foreclosure of their home due to job loss, death of primary wage earner, illness, reduction in work hours, or other circumstances beyond their control.

Cincinnati residents who fall into one or more of these categories can receive special financial assistance and cash grants through this mortgage program to bring their home loan current. In order to benefit, they need to have reestablished an income stream to continue future mortgage payments on their home loan. One-time financial assistance of up to $2,500 is available to qualified applicants of this housing program. In addition to receiving this cash, all clients also receive in-depth Emergency Mortgage Assistance counseling and access to a number of free foreclosure prevention services. To learn more or to apply for help, contact the Legal Aid Society of Greater Cincinnati at (513) 241-9400.

Free foreclosure prevention - Homeowner Preservation Initiative

Working In Neighborhoods (WIN) as well as the City of Cincinnati are working together to provide counseling and assistance to residents who are in danger of losing their homes to a foreclosure filing. In addition, Working In Neighborhoods has also begun to partner with the Home Ownership Center of Greater Cincinnati, Smart Money, and the Better Housing League to also provide these services to as many homeowners as possible in the city. Under this particular housing program, homeowners will receive free counseling and intervention services. Details include the following.

 

 

 

 

The counselor will perform an initial assessment of the homeowners financial situation in order to determine the clients current financial as well as mortgage situation. This will include a review of their total household income and expenses. The mortgage and housing counselor will then proceed to review the client’s income documentation, home loan documents, and bills they may owe. The foreclosure specialist will work with the client to develop a realistic budget as well as spending plan and determine the amount of mortgage they can afford to pay on a monthly basis.

The housing counselor will then contact the lender or bank, such as Bank of America (BOA) or Wells Fargo, to determine if loss mitigation or a loan modification is an option for the client. In addition, when feasible the counselor will work directly with the lender on the homeowners behalf to reduce fees, develop a workout plan, and/or refinance the terms of the loan to terms more favorable to the homeowner. Of course any solution arrived at also needs to be one that the lender can live with. For example, learn about Wells Fargo mortgage assistance programs.

The counselor will do whatever they can in order to help the homeowner, and can provide them with access to alternative lenders or mortgage servicers in order to try to help them refinance the mortgage at a reasonable interest rate when feasible. The mortgage counselor will help the client apply for foreclosure rescue funding.  Ohio Home Rescue Fund program is the program in Cincinnati can provide the rescue funds. For information on this program or access to free foreclosure counseling services, contact the non-profit Cincinnati based WIN at (513) 541-4109.

 

 

 

Cincinnati Housing Urban Development (HUD) foreclosure counseling agencies

Other places to turn to for advice are one or more of the following. Services are offered at no cost, including Mortgage Delinquency and Default Resolution Counseling, Pre-purchase Counseling, and Predatory Lending Education Workshops include CCCS of the Midwest (800-355-2227), Home Ownership Center of Greater Cincinnati (513-961-2800-4416), Smartmoney Community Services (513-241-7266-108), as well as Working in Neighborhoods (513-541-4109).

 

 

 

 

 

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