Part One- Stopping or Preventing Foreclosure in Canton OH, Stark County

By
Real Estate Agent with Hackenberg Realty Group

As a homeowner in Canton, Plain, Perry, Jackson, North Canton or Massillon, you don't have to be in this list, another statistic.  There are actions you can take, things you can do to prevent foreclosure.

President Obama's administration has introduced Making Homes Affordable, a plan to help homeowners stay in their homes and  or reduce their monthly mortgage payments to a more affordable level.   

There are two part to the program:

The Home Affordable Refinance Program  is available to those with a solid payment history on an existing loan owned by or guaranteed by Fannie Mae or Freddie Mac.  This is available to those who would be unable to refinance from an adjustable rate mortgage into a more stable 30 year fixed mortgage.  Normally these borrowers would be unable to refinance because their homes have lost value, pushing their current loan to value ratio above 80%.

The Home Affordable  Modification program - doesn't reduce the principal but makes it easier to repay what's owed by reducing the interest rate and stretching the length of the original loan.

Eligibility:

1.  Loan must have originated on or before Jan 1, 2009.

2.  Must be a First Lien loan, owner occupied property with an unpaid principal  balance of up to $729,750.  Higher limits are available for owner occupied properties with 2-4 units.

3.  Fully documented income, two most  recent pay stubs, most recent tax return, and a letter of financial hardship.

4.  No investor owned, vacant, or condemned properties. 

5.  Loans can be modified only once.  

Time is of the Essence.  Contact your lender as soon as possible.   Homeowners can also contact a free local HUD approved housing counselor.  HUD approved counselors can help homeowners understand the law, their options, help organize their finances and may also represent them in negotiations with lenders.

Be aware of scams that promise to stop foreclosure if you sign the deed over to them.

Deborah Wilson helps Buyers and Sellers in Canton, Plain, Perry, Jackson, North Canton, Massillon and Stark County. For more informaton please email me at dwilson @cutlerhomes.com or call me at 330-491-2775.  

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If you want information on the Canton area which includes shortsale, foreclosures or rentals, please give

me a call at 330-904-4545.

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Rainmaker
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Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

Good information.. and Great way of being of service to others in this market

Aug 21, 2009 02:44 PM #1
Rainmaker
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Deborah Wilson
Hackenberg Realty Group - Canton, OH
Stark County OH Real Estate

Thanks Eric,

The Canton area has been over run with foreclosures.  I hope this will help a homeowner save their home.

Aug 22, 2009 11:01 AM #2
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Rainmaker
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Deborah Wilson

Stark County OH Real Estate
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