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Customers with loans made at 11 area banks can seek up to $3,500
By Rick Armon
Beacon Journal staff writer
Published on Saturday, Sep 06, 2008
The Federal Home Loan Bank of Cincinnati is handing out $1.3 million worth of grants in Ohio to help homeowners struggling to pay their mortgages and facing foreclosure.
Homeowners who received loans through certain member banks will be able to receive up to $3,500 for mortgage counseling, rescue funds and foreclosure mitigation through the new ''Preserving the American Dream'' program, bank officials announced Friday.
The goal is to prevent homeowners from losing their properties.
''The last thing a bank wants to do is foreclose,'' said Jeff Reynolds, vice president of housing and community investment with the Federal Home Loan Bank of Cincinnati, which has 728 member banks. ''It devastates the family. It hurts the community and it hurts the lenders.''
The East Akron Neighborhood Development Corp. in Akron and Neighborhood Development Services in Ravenna are overseeing local efforts and will identify eligible homeowners.
''This adds additional resources to help families who have fallen behind,'' said Grady Appleton, executive director at East Akron Neighborhood Development Corp.
The nonprofit organization is receiving $100,000 to help homeowners in Summit, Medina and Stark counties. Neighbor
hood Development Services is receiving $200,000 and will cover 16 counties in Northeast Ohio.
Housing groups in Cleveland, Cincinnati, Dayton, Toledo and Genoa also are receiving grants.
The local banks participating are: Third Federal Savings & Loan Association of Cleveland, Fifth Third Bank, FirstMerit Bank, Huntington National Bank, National City Bank, North Akron Savings Bank, U.S. Bank, KeyBank, The Bankers Guarantee Title & Trust Co., Home Savings Bank and Home Savings and Loan Co. of Youngstown.
RealtyTrac, a California company that monitors default notices, auction sale notices and bank repossessions, has identified Ohio as having one of the highest foreclosure rates in the nation. One out of every 375 Ohio households received a foreclosure filing in July, the company has said.
For more details about the program, contact East Akron (330-773-6838 or http://www.eakronndc.org/) or Neighborhood Development Services (330-297-6400 or http://www.ndsohio.org/).
For more details about the Federal Home Loan Bank of Cincinnati, go online to: http://www.fhlbcin.com.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
The Federal Home Loan Bank of Cincinnati is handing out $1.3 million worth of grants in Ohio to help homeowners struggling to pay their mortgages and facing foreclosure.
Get the full article here.
Comments
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Posted 08:23 AM, 09/06/2008
wow it's cool there is help out there
ashtabula, oh
Posted 03:29 PM, 09/06/2008
good to see this. hope whomever gets elected into office will continue to help homeowners, and bring jobs back to all areas of nation,
