How to Prevent Foreclosure in Ohio

If you are having difficulty making your mortgage payment there is help from the state of Ohio to prevent foreclosure. The program was set up by Governor Strickland and is called Save the Dream. This program along with some action on you part will help you to prevent foreclosure on your home.

Difficulty: Moderate

Instructions

1. 
    

   Do not wait. Contact your mortgage servicer as soon as you realize that you have a problem making your mortgage payments to explain your current financial situation.
   
   When you call, ask for your loan servicer’s Loss Mitigation Department. Ask if you can participate in a “work out” resolution or obtain a loan modification. Tell the loss mitigation department about your situation so they can help you choose the best option.
   
   You will need the following information:
   
   Your loan account number.
   A description of your circumstances.
   Recent income documents
   A list of household expenses.
   
   Be ready to answer the following questions:
   What caused you to miss your mortgage payments?
   Do you have any documentation to support your explanation for falling behind?
   What have you done to resolve the problem?
   Is your problem temporary, long-term, or permanent?
   What other financial issues may be stopping you from getting back on track with your mortgage?
   What would you like to see happen?
   Do you want to keep the home?
   What type of payment arrangement would be feasible for you?

2. If you need assistance call the Save the Dream hotline at 888-404-4674 to speak with an operator from 7:00 a.m. to 7:00 p.m. Monday through Friday.

3. Connect with an approved housing counseling agency. This service will be paid for by Ohio's Save the Dream program. Over $7.5 million in grants are being administered by the Ohio Department of Development and the Ohio Housing Finance Agency to make housing counseling available throughout the state.

4. Check with the Save the Dream housing counselor to see if you are eligible for a grant or loan. Through the Save the Dream program, NeighborWorks organizations will administer over $5 million in grants and deferred loans from the Ohio Department of Development and the Ohio Housing Finance Agency.

5. Pay attention to letters or phone calls from your mortgage servicer. If you get a notice that your home is going to be foreclosed upon do not move out of your house. If you do you will no longer qualify for assistance.
   
   Call your mortgage company right away to discuss alternatives to foreclosure. You have 28 days from the date you receive the foreclosure complaint to file an answer with the court and with your mortgage company's attorney. The response may be written in a legal format or in letter form. The is very important to protect your legal rights.

6. Ask the Save the Dream program for legal assistance. Over 1,300 attorneys have volunteered to help homeowners throughout Ohio. The Ohio Housing Finance Agency and the Ohio State Legal Services Association administer nearly $2 million in grant funding to ensure that Ohioans facing foreclosure have access to the legal help they need.

Tips & Warnings

• If you feel like you have been a victim of predatory lending you can file a complaint with the Ohio Attorney General's Office at 1-800-282-0515 and the Ohio Department of Commerce, Office of Consumer Affairs at 1-866-278-0003.