Government programs helps members protect home before financial disaster hits

January 2008 - Home mortgage help is available through government agencies at the local, state and federal level.

Fretful borrowers looking for help in unsuitable mortgage situations can seek help from, for example, the Ohio Housing Finance Agency (OHFA) and other government agencies.

OHFA offers the Opportunity Loan Refinance Program, a refinancing program that offers an affordable, 30-year fixed-rate financing alternative to borrowers whose current loan is inappropriate for their financial circumstances.

The household income may not exceed 125 % of the county's median gross income.

This program also requires the borrower to participate in HUD-approved counseling.

Ohio Help - Check out state resources now

The State of Ohio urges all who are facing foreclosure to get FREE advice and support immediately — 24 hours a day, 7 days a week — from HUD-approved counselors.

If you're in trouble, do not wait. Act today. Call the Homeownership Hotline at
1-888-995-HOPE or visit www.995hope.org

Check out two personal success stories of families who faced foreclosure, but reached out and received help.

Job Loss - Single-mom Jill faced job loss, but over came foreclosure with budgeting help and a repayment plan. She was able to prevent foreclosure, catch up on her late payment, and improve her financial situation.

Rising Rates - A young couple nearly lost their home to foreclosure when the rate reset on their ARM loan, doubling their mortgage payment. Hotline counselors helped them figure out an action plan.

More Government Resources

Video Link: Gov. Strickland's Press Conference on Home Mortgage Foreclosure Task Force - Nov. 8, 2007 (Windows Media Player)

Ohio Attorney General's Office - Foreclosure Help

Ohio Treasurer's Office - Help by County Map

Ohio Dept. of Commerce Brochure -
Borrow Smart: 20 Questions to Ask a Lender or Mortgage Broker (PDF)

Ohio Department of Commerce Issued the Ohio Foreclosure Prevention Task Force Report - September 2007 (PDF)

Gov. Ted Strickland ordered the creation of the Ohio Foreclosure Prevention Task Force - March 2007

See Related

Union Plus Save My Home Program

Home Mortgage Help