For many Ohioans in trouble, help is on the way! Nine mortgage servicing companies promised Ohio state officials they would try to help struggling Ohioans avoid foreclosure.
They agreed to the following:
- Work with adjustable rate and subprime mortgage holders to modify their loan terms when help is needed.
- Identify, evaluate and make good faith attempts to contact at-risk or defaulting borrowers as soon as possible.
- Modify loans to the extent permissible within existing fiduciary and legal obligations, following mortgage lending and servicing practices.
- Create incentives for staff and foreclosure lawyers to modify loans rather than seek foreclosure.
- Report progress to the Ohio Department of Commerrce.
- Make a nonbinding agreement with Ohio through June 30, 2009.
For many, this comes too late! For others, let's hope this will turn things around and get real estate sales back on track.
What do you think?
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Hi Christine: This is really good news to hear. I think it might also be very useful if you would list the nine mortgage servicing companies so homeowners could know in advance who is being helpful and who is not. Thanks for sharing. I hope things at S/C are going well for you. Say hi to Debbie Connor for me.
Christine: I forgot to congratulate you on being number two on Active Rain in Lake Country. Way to go. If you crank it up a tad, I am sure you can jump into the Number One spot. Take care...
Christine: Please keep us informed. If they can do it, every other state can do the same. I just want to know the criteria to help people. It usually has something to do with credit and when people start juggling how to pay their bills, the credit score drops significantly.
Christine......it's about time these lenders start working with the homeowners....then everyone wins. Thanks for Sharing.
Christine,
That is an important step in the right direction and hopefully the mortgage lenders will carry out their end of the bargain. Some are more responsible at this than others.
Christine - I too agree that the news is music to the ear of consumers in trouble. Good local post.