Help with mortgages and foreclosures in Ohio

Find help with paying your mortgage and foreclosure assistance in all cities in Ohio, including Cleveland, Cincinnati and Columbus. Also, locate additional assistance programs offered by the state of Ohio that can help you with paying other types of bills. More.

The Ohio Housing Finance Agency (OHFA) Opportunity Loan Refinance Program assists homeowners that have a mortgage that no longer meets their financial needs. This assistance program offers an affordable 30-year, fixed-rate mortgage that Ohio residents can refinance into at a competitive rate. This will help prevent and reduce foreclosures in Ohio.

Who may this program help? If you have an adjustable rate mortgage (ARM) that is getting close to resetting, if you financed your home with a high rate mortgage or an interest-only loan, you should be able to get help. It can also help those who experienced an unplanned event like a divorce, medical emergency, or a change in employment. The Opportunity Loan Refinance Program may be able to help you obtain a new mortgage loan that will better meet your needs.

There are some additional criteria, and they include :

Qualifying Income
You must be able to, or very close to be able to, afford the payment of the Opportunity Loan. You must pay interest, principle, taxes, and insurance.
Residence Criteria
You must currently live in the home being refinanced. Eligible properties that can be refinanced include single-family detached housing, townhouses, condominiums, modular, and planned unit developments. Two to four-unit mobile or manufactured homes are not currently permitted.
Borrower Education
Opportunity Loans require that borrowers receive a minimum of four hours of HUD-approved counseling. Typically, the mortgage counseling provided includes two hours during an initial meeting and an additional two hours of one-on-one counseling. Counselors will educate you and help ensure bills are paid on time. All counseling must be fully completed before the loan can be closed. The OHFA assistance program will also require counseling if a mortgage payment under the newly refinanced loan is more than 30 days late.

Countrywide Offers Mortgage Modification Help, and a Cash Payment, to over 12,000 Ohio Residents

A mortgage-modification assistance program that could help 8,000 Ohioans stay in their homes, and an additional 4,000 who have previously lost their homes due to foreclosure could receive up to a $1,500 cash grant as part of a foreclosure relief payment program. More

Ohio Proposes a Six Month Moratorium on Foreclosures

A new proposed law should help reduce foreclosures in Ohio. Continue

Courts in Ohio allow mediation

Each county in Ohio offers mediation as one way to resolve a foreclosure filing. As part of the mediation process, the homeowner and lender will be put into position to negotiate more efficiently to come up with a solution to the foreclosure filing. Click here to learn more on the mediation program.