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Don't let your family be part of this statistic—take a second look at your mortgage today. Please take a look at our sample mortgage documents. Your documents may contain different wording, but if they sound or look similar, talk to your mortgage company and ask them for a detailed explanation of your loan terms.
If you find yourself in a mortgage that no longer fits your financial situation, the State of Ohio may be able to help you through the new Opportunity Loan Refinance Program or by directing you to other resources.
THE OPPORTUNITY LOAN PROGRAM
The Opportunity Loan is a refinance program that provides an affordable 30-year, fixed-rate financing alternative to borrowers who have a current mortgage that is no longer suitable for their financial situation. To assist with closing costs, the Opportunity Loan offers a 20-year, fixed-rate second mortgage. If you have not missed more than two mortgage payments and have not received a foreclosure notice, the Opportunity Loan may be able to help you.
AVOIDING FORECLOSURE
Before you fall behind on your mortgage payments, call your lender and explain your situation. If you have already missed payments or have received a foreclosure notice, contact a HUD-approved counseling agency (www.hud.gov/counseling) and/or seek legal counsel.
COUNSELING RESOURCES
Below are some reputable non-profit organizations dedicated to helping consumers avoid foreclosure. Be cautious of counseling services that ask you to pay fees.
- Call 1.888.995.HOPE to speak with a counselor. Phone lines are open 24 hours a day. This nationwide assistance center is sponsored by the Homeownership Preservation Foundation and NeighborWorks® (www.995HOPE.org).
- The U.S. Department of Housing and Urban Development (HUD) web site offers a list of approved counseling organizations available by state. Visit www.hud.gov/counseling or call 1.800.569.4287 to find the counseling organization nearest you.
OTHER RESOURCES
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