New Grant For Homeowners in Trouble

Friday, February 9, 2007
Topics: Economy
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Homeowners dealing with the double whammy of job loss or illness and trying to keep up with mortgage payments may be able to find some help. ideastream's Mhari Saito reports on a statewide effort to address record numbers of foreclosures.

More Ohioans are having trouble paying their bills this year than last - 7% of all Ohio mortgages are at least a month late according to recent numbers from the Mortgage Bankers Association. That, and Ohio’s status as the number one state in home foreclosures, prompted Neighborhood Housing Services director Lou Tisler to take action. He applied for and got a $1 million grant from the Ohio Department of Development to provide no-interest loans for homeowners in trouble due to job loss or medical problems.

Lou Tisler: What we were looking to do is to provide some sort of funding to be able to get them past the cycle of foreclosure and the cycle of being late and the cycle of continued late fees.

The money will be distributed by 12 nonprofits around the state. Here in Cleveland, Tisler says his organization will be able to provide 333 loans this year. He admits that’s relief for just a small number of people. Cuyahoga County recorded more than 11,000 foreclosures last year. I’m Mhari Saito, 90.3.

More In This Series...

This feature is part of the series The Foreclosure Crisis.