Aid to Stem the Tide of Foreclosed House in Ohio

Marion County residents in Ohio who are at risk of losing their properties to foreclosure are offered a breather under the Community Services Block Grant Mortgage Assistance Program which is funded by the federal government.

Ohio Heartland Community Action Commission’s Marion Center director Hazel Blankenship said that in a foreclosure, time is of great importance. She said that the program will evaluate the situation of all distressed homeowners. She warned though that the program would not be able to help all distressed homeowners save their properties from becoming repo house.

The commission received $50,000 to launch the program in counties of Marion, Crawford and Morrow. The program is set to receive an additional amount of $400,000.

Commission director Joe Devany explained that under the program, each homeowner could receive as much as $4,000. He pointed out that the program is a great opportunity to help borrowers who are having difficulties in paying their mortgages.

He explained that the commission plans to work with homeowners who have the potential to continue their mortgage payments if given the assistance. He added that the commission wants to make sure that the program will be a good investment for the government and taxpayers.

Funding for the foreclosure prevention program is made possible under the American Recovery and Reinvestment Act. It aims to help 75 distressed homeowners in the area.

In 2008, The Marion County Sheriff’s Office held over 500 foreclosed home sale events. Foreclosures due to unpaid mortgages accounted for about 475 properties sold in last year’s sheriff’s sale. Industry experts are expecting similar numbers of foreclosures in the county this year.

They pointed out that there is no sign that the foreclosure crisis in Ohio is starting to wane, adding that the trend remains steady for some time now.

Meanwhile, for distressed homeowners to be eligible for the program, they must have a gross income equal to or not more than 200 percent of the county’s poverty level for a 13-week period. Also, they must show proof that they could sustain regular monthly loan payments after receiving a mortgage assistance.

Industry experts said that the mortgage assistance program would be of great help to homeowners who did not overbuy and who just lost their jobs.

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