Facing Foreclosure Ohio, Please read this!!

As I was sitting here today I received a call in from my broker in regards to a mortgage company I have been dealing via short-sale. I immediatly listened to the information and then looked it up myself. Excitement? This completely made my day. As of April 7. 2008 Governer Strickland announced that nine mortgage companies signed an agreement called " Compact to Help Ohioans Preserve Homeownership". This will reduce foreclosures in ohio. Yes, Ohio we are the only state that has this agreement in the nation. Congrats to us!! The principles these companies signed include the following:

1. Engage in substantial and large-scale loan modification effort for ARM mortgage resets and subprime mortgages.

2. Indentify, evaluate and make good faith attempts to contact at-risk or defaulting borrowers soon as possible.

3. Modify loans to the extent permissible within existing fiduciary, contractual or other legal obligations and in accordance with prudent mortgage lending and services.

4. Create incentives for staff and foreclosure counsel to modify loans rather that foreclose.

5. Report progress to the Ohio Department of Commerce

6. Enter into a non-binding agreement with the State for some defined period of time "Agreements extend to June 30, 2009.

The Following Loan Services Signed this Compact:

Carrington Mortgage Services

Citi Mortgage

GMAC

RESCAP

Homecomings Financial

HSBC

Ocwen Financial Corp

Option One

Saxon Mortgage

Litton Loan Servicing

Select Portfolia Servicing

Governer Strickland said if you are facing foreclosure please call the Ohio Save the Dream hotline. This call may save your home.