Mortgages Companies Sign Pact to Fight Foreclosure with State of Ohio
April 15th, 2008 by 
admin
Nine major mortgage loan providers in Ohio signed a pact with state authorities that is being hailed by many as a bold new step towards keeping homeowners out of foreclosure that has not been seen anywhere else in the nation. The nine companies, which cover about 55% of the mortgages currently in effect in Ohio, have agreed to pursue several paths of action designed to slow the foreclosure rate by helping homeowners in default pay off their debts and avoid foreclosure.
The main tenet of the agreement is that the mortgage companies involved will work with homeowners to refinance or modify adjustable rate and sub prime mortgages, the main culprits behind the soaring rate of foreclosure. They also agreed to make efforts to contact defaulted borrowers about their situation as soon as possible, and to create certain incentives for staff, personnel and foreclosure counselors to help homeowners avoid foreclosure in situations where it is a threat.
While the pact is not legally binding, it signals a willingness on the part of the state to hold mortgage companies accountable for the high foreclosure rate, and a willingness on the part of mortgage companies to deal with the situation. This could be an interesting situation to watch unfold and see how effective it is at curbing Ohio’s foreclosure rate.
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Posted in Ohio | 
April 25th, 2008 at 3:10 am
[...] Mortgages Companies Sign Pact to Fight Foreclosure with State of Ohio Nine major mortgage loan providers in Ohio signed a pact with state authorities that is being hailed by many as a bold new step towards keeping homeowners out of foreclosure that has not been seen anywhere else in the nation. The nine companies, which cover about 55% of the mortgages currently in effect in Ohio, have agreed to pursue several paths of action designed to slow the foreclosure rate by helping homeowners in default pay off their debts and avoid foreclosure. [...]
April 26th, 2008 at 3:21 pm
[...] Mortgages Companies Sign Pact to Fight Foreclosure with State of Ohio Nine major mortgage loan providers in Ohio signed a pact with state authorities that is being hailed by many as a bold new step towards keeping homeowners out of foreclosure that has not been seen anywhere else in the nation. The nine companies, which cover about 55% of the mortgages currently in effect in Ohio, have agreed to pursue several paths of action designed to slow the foreclosure rate by helping homeowners in default pay off their debts and avoid foreclosure. [...]