Akron Beacon Journal...
Avoidance behavior  
October 6, 2011 

Good news on the foreclosure crisis has been hard to come by the past few years. With the number of foreclosures rising across Ohio and the nation during the past decade, it has proved a continuing challenge to put together policies and resources that can help thousands of struggling families keep their homes. 

Especially disheartening, federal programs that were projected to help millions of borrowers modify or refinance loans have been largely insignificant in driving down foreclosure rates. Worse still, foreclosure filings are trending up again nationwide as mortgage banks resume proceedings, confident they have addressed documentation problems that forced them to suspend action last year. 

In the face of the persisting problems, it is encouraging that Ohio is recording positive results in foreclosure prevention. The Ohio Housing Financing Agency reported last week that with assistance from a year-old state initiative, nearly 3,000 homeowners have avoided foreclosure. 

The projection is that the program, Save the Dream Ohio, will help an additional 50,000 families through 2017 with $570 million in funding awarded to the state from the federal Troubled Asset Relief Program. 

The key services offered through the program include “home-rescue” payments, free legal assistance prior to foreclosure, transitional assistance for borrowers who are losing their homes and free housing counseling. They target at-risk homeowners whose difficulties are triggered by a sudden, temporary loss of income, such as a job loss, a serious illness or divorce. The short-term home-rescue loan maintains up mortgage payments, enabling homeowners who show the capacity to make future payments the critical time to find their feet. 

Keep in mind, despite the good news, the foreclosure picture remains grim, an estimated one out of every 12 Ohio borrowers at least 90 days behind on their payments. 

Read it at the Akron Beacon Journal