New Campaign Urges Homeowners to Take Action
COLUMBUS, OH – December 10, 2007 – Many Ohio homeowners who are having trouble meeting their monthly mortgage payments may be able to receive assistance. The Ohio Housing Finance Agency (OHFA) launched a new campaign today that encourages Ohioans to “Take a Second Look” at their current mortgage and avoid the stress and damaging consequences of foreclosure.
With Ohio ranked fifth in the nation for foreclosure rates, OHFA is working to ensure that even more families do not fall victim to this crisis. As homeowners take a second look at their mortgage, they may be surprised to find that they are in an interest-only or adjustable rate mortgage. With interest rates suddenly increasing, families could find that they are no longer able to make their monthly mortgage payments. OHFA wants Ohio homeowners to be aware of the terms of their mortgage and to take action early if they are headed towards default or foreclosure.
OHFA offers assistance to borrowers who can no longer afford their monthly mortgage payment through the Opportunity Loan Refinance Program, an affordable 30-year, fixed-rate financing alternative. This program is designed to help families who have Adjustable Rate Mortgages, Interest-Only products or those who have had an unplanned life event such as a medical emergency, divorce or a change in employment.
To help Ohioans learn more, OHFA has partnered with the Ohio Association of Broadcasters through their Public Education Partnership program for a statewide radio campaign. The campaign, which will run from December 10, 2007 until February 10, 2008, will reach homeowners throughout the state and will urge them to “Take a Second Look” at their mortgage today. The Ohio Housing Finance Agency also has developed a special section of its web site for this campaign that provides information on the Opportunity Loan program and additional resources that can help borrowers keep their homes. Consumers should visit http://www.ohiohome.org/ and click on the “Second Look” section on the home page. Information on the web site includes sample mortgage documents, detailed information about the Opportunity Loan program, resources for counseling and additional state and federal agencies that can help homeowners keep their homes.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce or their designees, and both serve as ex officio voting members.