I Am Behind On My Mortgage And My Finances Are Permanently Reduced
The foreclosure avoidance options listed below assume that you had a permanent financial hardship that makes it difficult or impossible to afford your current monthly mortgage payment. Though your specific options will depend on your exact financial situation and what type of loan you have, in general, if you have a permanent hardship, you need a loan modification that permanently changes to the terms of your loan. This can mean lowering your interest rate, lengthening the time you have to pay back the loan (called the “term”), and/or forgiving or forbearing a portion of the principal.
Not all options listed below may be available to you depending on your financial situation, what type of loan you have and your lender's available programs. These foreclosure avoidance options are not legally required to be offered by your lender, but most lenders will offer most of these options as a way to reinstate your loan to good standing. Everyone looses money, including your lender, when a foreclosure is filed. Your lender wants to enter into an agreement with you to avoid foreclosure if it is financially feasible to do so. Your lender may push you to agree to a plan that it prefers, but there are usually other options available. Avoid agreeing to a plan on which you may not be able to make the payments. Consider all available options before choosing the one that is best for you.
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FHA
Veteran's Affairs (VA)
USDA's Special Loan Servicing
FHA, VA and USDA all offer mortgage modification programs for struggling homeowners designed to lower monthly mortgage payment to no more than 31% of the homeowner's verified monthly gross (pre-tax) income — making monthly mortgage payments much more affordable. If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), Veteran's Affairs or the United States Department of Agriculture you may be eligible for a program offered through that government agency.
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Save The Dream Ohio
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- Mortgage Assistance
Save the Dream Ohio is the State of Ohio’s foreclosure prevention program, administered by the Ohio Housing Finance Agency (OHFA). It assists Ohio homeowners experiencing mortgage distress and works with approved housing counseling agencies to help homeowners get the assistance they need to avoid foreclosure. Save the Dream Ohio administers one program that offers monetary assistance of up to $25,000, with an average assistance amount of $14,400. You may be eligible if you or your spouse have been determined eligible for unemployment or disability benefits on or after January 1, 2014. For eligibility details see the program eligibility webpage.
See the Save the Dream Ohio page of this website for further information.
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