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Ohio changes its foreclosure prevention program
Posted: 01/15/2012
COLUMBUS, Ohio - Ohio's foreclosure prevention program has made changes aimed at helping more financially struggling owners remain in their homes.
The Ohio Housing Finance Agency says that could make more people eligible for mortgage assistance through the "Restoring Stability" program. The self-supporting agency administers the program to help those who are unemployed or facing hardships such as reduced wages or increased medical expenses.
The changes affect who's eligible for aid. A person can now have liquid assets equal to six months of mortgage payments instead of three months and still be eligible. Another change means some homeowners can get money for full mortgage payments for up to 15 months or $20,000.
The agency says the program has helped nearly 4,000 homeowners at risk of loan default or foreclosure since 2010.
Copyright AP Modified, Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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