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State hopes to prevent foreclosures
By Rick Armon
Beacon Journal
Published on Wednesday, Feb 20, 2008
State leaders are sponsoring a special foreclosure program next month in Akron to offer help to area residents having trouble making their mortgage payments.
The event, announced Tuesday and called Borrower Outreach Day, will include lenders meeting one on one with homeowners and offering advice.
''Obviously, this is an area that has been hit hard by foreclosures,'' said Barney Wolf, a spokesman for the Ohio Department of Commerce, which is sponsoring the event along with the state Treasurer's Office and Ohio Housing Finance Agency.
The Akron area has one of the worst fore
closure problems in the nation. The area ranked 12th last year in foreclosure activity out of the 100 largest metropolitan areas in the country, according to RealtyTrac.
Housing experts have estimated that the foreclosure crisis may continue to worsen this year, as many adjustable rate mortgages kick in with higher interest rates and monthly payments.
The Borrower Outreach Day will be held from 2 to 8 p.m. March 6 at the Akron Urban League, 440 Vernon Odom Blvd. The program is free and open to all residents, even those living outside the Akron area.
''We've heard time and time again that people have a great deal of trouble getting in touch with their lender and so we hope this helps to bring the two sides together,'' said Kimberly Zurz, director of the Ohio Department of Commerce. ''We believe that often the borrower is afraid to deal with the lender. By the Department of Commerce sponsoring these events, they have a better trust factor. . . . It's a forum for the borrower to come and get some help and for us to get as much info to the public as possible.
''The worst they (homeowners) can do is just ignore it and let it go.''
Local, state and federal housing experts and counselors will attend the Akron event. Homeowners also will be able to participate in several workshops, including ones on borrowing scams, refinancing and reverse mortgages.
The more support and service provided to the public and attention given by county and state governments, the better, said Steve Baughman, a housing specialist with Fair Housing Contact Service, which is planning to participate.
The state has held similar foreclosure programs in Cincinnati, Columbus, Nelsonville and Toledo. About 400 people attended the event in Cincinnati.
A Homeownership Preservation Clinic in Cleveland attracted about 550 people.
A sixth Borrower Outreach Day will be held March 7 at the Jewish Community Center, 505 Gypsy Lane, Youngstown.
For details, call 866-278-0003 or go online to http://www.com.state.oh.us/bod.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
State leaders are sponsoring a special foreclosure program next month in Akron to offer help to area residents having trouble making their mortgage payments.
Get the full article here.
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