New data shows that Ohio foreclosure filings and delinquency rates are up statewide, with 15.3 percent of homeowners in foreclosure or with payments that are past due. That number is up from 13 percent from the first quarter and 14.3 percent from the second quarter. “Our foreclosure crisis is not easing, it’s growing,” Bill Faith, executive director of The Coalition on Homelessness and Housing in Ohio told the Dayton Daily News.
Those Ohio residents currently facing foreclosure do have viable measures that can be taken to avoid losing a home, thanks in part to the federal Homeowner Affordability and Stability Plan implemented last spring. With a $75 billion total budget, the plan aims to help a projected four million homeowners over the next three years by reducing monthly interest rates and encouraging borrowers to adopt a loan modification plan.
A loan modification is a permanent change in one or more of the terms of your loan. The purpose of a loan modification is to allow the borrower to meet the new loan modification terms, allowing them to prevent foreclosure. A loan modification is not a refinance; it is the restructuring of the loan terms. In other words, a loan modification is a contractual agreement between the Lender and the Borrower to provide long term relief from unaffordable loan terms. Loan modifications can lower your interest rate, monthly mortgage payments, and the principle balance. Remember the cost of foreclosure to the Lender is higher than new loan modification terms; therefore, lenders are open to loan modifications to prevent foreclosure.
HOMEstart has established close relationships with large banks and lenders and has experienced attorneys ready to negotiate your mortgage or loan modification. The trusted services we provide have helped many families save their homes, hundreds a month on mortgage payments and thousands off their Principle Balance. HOMEstart is not a high-volume mortgage and loan Modification Company and you will never receive a customer number. We have received an A+ rating from the Better Business Bureau (BBB) by providing personal and dependable service to our customers. We provide free consultation to analyze your current situation so that together we can provide a workable solution that is acceptable to both you and your Lender. We are here to help; start new, not over.
For more information please visit www.YourHomestart.com