Help with mortgages and foreclosure prevention in Ohio.
Find help with paying your mortgage and how to apply for free foreclosure assistance in all cities in Ohio, including Cleveland, Cincinnati and Columbus. There is support from non-profits as well as the government. Also, locate additional assistance programs offered by the state of Ohio that can help you with paying other types of bills by calling one or more of the agencies below.
The Ohio Housing Finance Agency (OHFA) Opportunity Loan Refinance Program assists homeowners that have a mortgage that no longer meets their financial needs or that they can’t afford to pay. This assistance program offers those that qualify an affordable 30-year, fixed-rate mortgage. Over time the Ohio resident can refinance it into at a competitive interest rate and therefore receive a lower monthly payment. This will help prevent and reduce foreclosures in Ohio.
Who may this program help? If you have an adjustable rate mortgage (ARM) that is getting close to resetting, if you financed your home with a high rate mortgage or an interest-only loan, you should be able to get help from this option. It can also assist those who experienced an unplanned event like a divorce, medical emergency, or a change in employment. The Opportunity Loan Refinance Program may be able to help you obtain a new mortgage loan that will better meet your needs. Dial (614) 466-7970 to learn more.
What is noted above are some of the terms of the OHFA program. There are some additional criteria, and they include :
Qualifying Income
You must be able to, or very close to be able to, afford the payment of the Opportunity Loan. You must be able to pay interest, principle, taxes, and insurance on it.
Residence Criteria
You must currently live in the home being refinanced. Eligible properties that can be refinanced include single-family detached housing, townhouses, condominiums, modular, and planned unit developments. Two to four-unit mobile or manufactured homes are not currently permitted.
Borrower Education
Opportunity Loans require that borrowers receive a minimum of four hours of HUD-approved counseling from a non-profit agency in Ohio. Typically, the mortgage counseling provided includes two hours during an initial meeting and an additional two hours of one-on-one counseling.
Counselors from HUD approved agencies will educate you, help you budget and help ensure bills are paid on time. All counseling must be fully completed before the loan can be closed. The OHFA assistance program will also require counseling if a mortgage payment under the newly refinanced loan is more than 30 days late. As noted, to apply for mortgage help from OHFA, call (614) 466-7970.
Assistance from Save the Dream
This is a partnership of non-profit agencies, HUD, as well as the state of Ohio. Referrals are provided to anyone that is struggling with paying their home mortgage. The program is funding by NeighborWorks America as well as the U.S. Department of the Treasury. Borrowers can meet one on one with a housing specialist. Call 888.404.4674 for intake.
Countrywide offers mortgage modification help along with a cash payment to over 12,000 Ohio residents
This is a a mortgage-modification assistance program that could help thousands of Ohioans stay in their homes. Not only will it help people that are in arrears, but thousands of families who have previously lost their homes due to foreclosure could receive up to a $1,500 cash grant as part of a foreclosure relief payment program. More on Countrywide Ohio mortgage relief.
Ohio free foreclosure services
A non-profit agency known as Pathstone that has been in existence for almost 45 years provides borrowers with a host of free foreclosure advice, counseling, and prevention services. The programs are services from the non-profit agency are offered across Ohio, including Cleveland and Cincinnati. Click here to read more on this option of foreclosure help from Pathstone.
Courts in Ohio allow mediation
Each county in Ohio offers mediation as one way to resolve a foreclosure filing. As part of the mediation process, the homeowner and lender will be put into position to negotiate more efficiently to come up with a solution to the foreclosure filing. You will meet with a neutral third party during this process. Solutions may include payment plans or abatements. Click here to learn more on the Ohio foreclosure mediation program.
Federal government funds for Ohio Hardest Hit Fund
Thousands of homeowners across the state may be able to receive mortgage assistance from the Ohio hardest hit fund. The federal government is funding this option for borrowers. It is focused on those that are unemployed or had some type of reduction in income. The government may provide them an interest free loan to pay their mortgage for several months.
Free pro bono foreclosure legal aid
Qualified low income homeowners may be able to receive free advice from attorneys to help them deal with a foreclosure. There is also advice given to senior citizens in the state, no matter their income. The Ohio Legal Assistance Foundation is coordinating the programs. Read more on free legal foreclosure assistance from Ohio Legal.
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