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National program grant helps those at risk of foreclosure in Ohio

The recent recession has had many adverse effects on the economy and people's lives. The real estate market has been especially affected by the recession, causing many people to fall behind on their mortgage payments. However, the Ohio Housing Finance Agency (OHFA) plans to help these people through a grant from a national program designed to provide foreclosure counseling services.

The program is granting the state's housing agency $1,074,039 to implement a program to assist homeowners who may have a higher risk of facing foreclosure. The grant will be spread out among 18 different agencies designed to provide counseling for homeowners. The program, known as the National Foreclosure Mitigation Counseling (NFMC) program, was created in 2007 by Congress.

The NFMC has provided seven rounds of funding to 30 different state financing agencies focused on housing as well as a variety of other qualified groups and agencies. The program has so far given the OHFA over $11 million since the program started. An estimated 1,880 Ohio families, currently have trouble with their home loan payments, may be able to receive assistance from the state agency.

These families in Ohio may be able to find solutions to their foreclosure problems through utilizing this program. However, many times avoiding foreclosure could require filing for bankruptcy protection. In this case, it would be advisable to be thoroughly knowledgeable about applicable rules and regulations. Individuals will likely need to understand these concepts in order to decide whether bankruptcy is a good option for them to use in order to keep their family home.

Source: LoanSafe.org, "NFMC Awards Over $1M Grant to Help Foreclosure Prevention Efforts Across Ohio," Alex Ferreras, April 18, 2013

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