I'm facing foreclosure on my home in Ohio. Are there government programs to help people like me?

Ohio foreclosure is the legal process that allows your mortgage lender to take your home to pay off your defaulted loan. Although foreclosure can take years to complete, it doesn’t mean that you should delay taking action to fight the foreclosure. Ohio has government programs that can help people like you who are facing foreclosure.

The Save the Dream Ohio is the state’s foreclosure prevention program. The program offers a variety of programs which include foreclosure mediation. During foreclosure mediation, you, your mortgage lender and a neutral third party mediator will discuss your options. The goal of the mediation is to find a resolution to the foreclosure and stop the process.

Another Ohio program—which is a part of the Save the Dream Ohio Initiative—is called Restoring Stability. This program provides help with your mortgage payments. For instance the Rescue Payment Assistance helps you bring your delinquent mortgage payment current. The Partial Mortgage Payment Assistance also helps with mortgage payments. However, if you typically qualify for the program are unemployed and looking for a job or in a job training program. Another part of the program assists with loan modification. It actually tries to provide your mortgage lender with an incentive to reduce the terms of your mortgage such as interest or payments.

Ohio foreclosure doesn’t have to end with your home going on the auction block. There are many programs to help. Also, seeking legal help from a will help to. If none of program options work then a lawyer can advise of the options such bankruptcy that you may have.