COLUMBUS, OH – July 7, 2010 – (RealEstateRama) — Treasurer Kevin L. Boyce is announcing the re-launch of the HomeSaver program to help Montgomery County homeowners with at-risk mortgages who may be facing foreclosure.
Homeowners who have at-risk mortgages are victims of predatory loans. These loans typically offer low interest rates in the first years, but overtime are adjusted or reset to high interest rates. Predatory loans can cause homeowners to fall behind in payments and face extreme debt and foreclosure.
“Faulty loans have always existed. Hardship caused by a bad loan, however, is not the fault of the homeowner, but of the lender,” Treasurer Boyce explained. “It is important to identify these cases and protect future investments.”
The HomeSaver program informs homeowners who have at-risk mortgages that they can find help at CountyCorp, a trusted non-profit corporation created by Montgomery County. Each case is analyzed by the Montgomery County Recorder and CountyCorp, to determine the best way the homeowner can stay in their house at an affordable price.
“We want to get the word out that predatory loans have been a problem caused by certain lenders. Not everyone will have this problem, but we want to team up and help those who have fallen victim to this offense,” said Treasurer Boyce.
The Boyce administration is planning on extending the HomeSaver program to other parts of Ohio at a later date.
The mission of the Ohio Treasury is to protect and invest state funds, while providing innovative financial education and resources, empowering Ohioans to make smart money choices.
