According to an article in this month's Ohio Realtor, the Ohio Housing Finance Agency (OHFA) will be starting a new program to help homeowners facing imminent mortgage foreclosure the option of refinancing to save their home.
Beginning in April, the program is designed to help homeowners whose current mortgage is inappropriate for their present financial circumstances. The first phase will include $100 million available to homeowners on the brink of foreclosure, who may be searching for more affordable monthly payments.
According to Joseph Gerdenich , former chairman of OHFA and quoted in the article, the program is designed for those who may have lost a job or for those who are in a mortgage whose interest rate is simply to high, not for those who are in over their head due to too much credit card debt.
This program could be a godsend to many Ohioans as foreclosures continue to escalate in Ohio - up 64% in 2006, when compared to 2005 statistics.
Ohioans who think they may be helped by this program are encouraged to contact an OHFA approved lender. Visit http://www.ohiohome.org/ for a complete list of approved lenders.
Monday, April 02, 2007
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