Homeowners have been caught in the credit crunch for over a year, but help is available. Foreclosure rates are up 121-percent compared with last year in Ohio; that has pushed the state to offer help to borrowers. The state of Ohio is hoping that struggling homeowners, armed with the right information, will prevent more of these foreclosure stickers from showing up in peoples' front windows. That's what has prompted the State Department of Commerce to begin holding meetings where they're trying to answer one major question.
Jennifer Flatter, Ohio Department of Commerce; "I want to save my home; What can I do? The first step is talking to people who can help you. And people here today are able to do that. So, the number one thing we tell people is it's not to late. Just reach out and get help."
That help can come from anywhere, from the lenders themselves to credit counseling services.
Victor Russell, Consumer Credit Counseling Service; "We're trying to point people in the right direction as far as what types of programs may be available for them, from the federal government, from the state government, and also at the local level, to ensure that people know that there is help out there that's available to them."
Understanding that there are options is important, and there is one big mistake that many people make right from the start.
"I think that they feel that, once they receive the foreclosure notice, or that a foreclosure is being sent to them, there is no-where else to turn. Some people just give up, and it's because they don't know where to turn. So, they just put everything to the side, and sometimes they just leave the house. And that's the worst thing you can do, is do nothing.", explains Russell.
So groups like Victor Russell's Credit Counseling Service try to find options to help people stay in their homes.
Russell; "Maybe reducing their mortgage payment. Maybe providing a little bit of help in their budget. Also, trying to find out exactly what the problem may be in making the mortgage payment."
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