Ohio Foreclosures - State Measures To Battle Foreclosures

State Measures To Battle Foreclosures

March 17th, 2008

The residents of Ohio have cause to be somewhat relieved as the state has come forward to stand beside them in their hour of crisis. The government has launched a website that is part of an operation costing $135,000, initiated by the Ohio Department of Commerce to make people more aware of the options available for them to stall foreclosure. A new hot line has also been started so that round the clock help is available – help in the form of invaluable advice. Radio and television stations will also air advertisements to this effect.

Ohio government has reason to bestir itself as the foreclosure numbers are one of the highest in the country. The goal now is to see that as many as possible people continue to stay in the houses that are their homes. Towards the end of 2007 Ohio led the nation as regards percentage of foreclosures. 3.88% of all the loans had gone into foreclosure as per statement of the Mortgage Banker’s Association. 7.67% of all loans in Ohio were delinquent towards the end of the year.

Lt. Governor Lee Fischer said that he and Governor Strickland had been observing with concern the devastating effect of foreclosures on families in particular and communities in general. It had played havoc with the economic development of the state. They are committed to doing all they can to halt the onward march of foreclosures. The Strickland Foreclosure Prevention Task Force came up with 27 suggestions. Involved in the task forces were representatives form the government, financial houses and non-profit advisory groups that had been created a year ago to address the rising problem. Lenders are being pressed to help the borrowers – especially those with sub-prime loans by modifying the terms of the mortgage.

Cheryl Price from West Side is one such house owner. She had been without work for many months because of kidney transplant. It was impossible for her to be current on her mortgage. A foreclosure notice was handed over to her. Taking the help of housing counselors she could get her loan modified. The interest rate now came down from 8% to 5% fixed rate. She claims that had it not been for the counseling service she would have surely lost the house that is her home. It is a scary situation to have spent so much on a property only to be threatened with homelessness.