With the number of home foreclosures significantly increasing in Ohio, the State of Ohio and the U.S. Department of Housing and Urban Development (HUD) are co-sponsoring an event to help northwest Ohioans avoid foreclosure.
Borrower Outreach Day will be held on Tuesday, September 25 from 2 p.m. to 8 p.m. at Owens Community College, Audio Visual Classroom Center, 30335 Oregon Road, Perrysburg. The event is being co-sponsored by the Ohio Department of Commerce, Ohio Treasurer Richard Cordray, the Ohio Housing Finance Agency, and the U.S. Department of Housing and Urban Development.
Note: To protect the privacy of the individuals attending this event, no cameras or video cameras will be permitted.
Several mortgage loan servicers will be attending the event to meet one-on-one with borrowers who are having difficulty making their mortgage payments. The current list of the loan servicers who will be participating in the event are:
AMC Mortgage Services
Carrington Mortgage Services
Countrywide Home Loans
National City Mortgage
Select Portfolio Servicing
The number of foreclosures is expected to increase in the next two years as many adjustable rate mortgages with lower “teaser” rates are reset to higher interest rates and higher monthly payments. Government officials strongly encourage borrowers who are having difficulty meeting their mortgage payments to take action. One of the best ways for a homeowner to prevent foreclosure is to work directly with their loan servicer.
Local, state and federal housing experts and housing counselors also will provide additional resources. In addition, Borrower Outreach Day attendees will have the opportunity to participate in several brief workshops throughout the day. The titles of the workshops are:
· Rebuilding Your Credit
· Keys to Home Preservation
· Steps in the Foreclosure Process
· Borrower Beware
· Options for People Struggling with Their Mortgage Payments
Information on Borrower Outreach Day is available on the Ohio Department of Commerce website at www.com.state.oh.us/bod. This site is updated as new information is available, including any additional loan servicers who will be participating. Information on foreclosure prevention is available at www.com.ohio.gov and clicking on “Foreclosure Information.”
In addition to the Toledo area event, Borrower Outreach Days were held in Nelsonville on September 13 and Columbus on September 18. In addition, HUD sponsored a Homeownership Preservation Clinic in Cleveland on August 30.
Note: To help promote the Toledo area event, advance interviews are available with:
· Kimberly Zurz, Director of the Ohio Department of Commerce and Chair of the Ohio Foreclosure Prevention Task Force
· Richard Cordray, Treasurer of Ohio and a member of the task force
· Doug Garver, Executive Director of the Ohio Housing Finance Agency