What should I do? What are some solutions? What if I am in foreclosure?
Do not ignore it. The problem won’t go There may be many, depending on your
away and you WILL lose your home if you circumstances. The first step is to determine If you are not able to stay in your home,
wait too long to act. what is causing the difficulty. It may be a there are still things you can do to make the
job loss, an unexpected illness or injury to transition less painful.
Don’t pay for mortgage rescue. an income producer, a change in your Plan your move – Seek assistance in
Beware of “mortgage rescue” offers. mortgage payment schedule. Getting finding housing and make the move as
Mortgage rescue companies are likely to financial advice is critical. easy as possible for yourself and your
contact you if a foreclosure has been filed in family. There are state, county and civic
court. They will claim they can save your The second step is to determine your assistance programs available.
home for a fee. As good as it may sound, options. This requires analysis of your Preserve your credit –Seek an “exit
these services are often unable to prevent a current financial condition and your plan” that preserves your credit and
foreclosure and they will cost you more mortgage requirements. A certified keeps future options open for you.
money. Don’t pay them. counselor or mediator can guide you through Lay out a future financial plan –
this process and determine which options are Create a future financial plan that is
Get some professional assistance. best for you. Several options are listed reasonable and achievable so that you
A certified housing counselor can determine below: and your family are stable and can build
exactly what your situation is and what Mortgage Modification – Refinance the your future on solid footing.
options you may have. This assistance is debt at a lower rate or over a longer
available to you free. This brochure will period for a lower payment. The FINAL step is to execute your plan –
give you information on who to contact for Special Foreberance – A repayment
various services. plan between you and your lender to If you have been able to stay in your
help meet special but temporary need, home, you will need to keep your finances
Contact your lender. like an illness or injury. in order and possibly make some changes in
Lenders often never hear from homeowners Federal and State Help programs – If your lifestyle to maintain your home
in foreclosure. Failure to talk to your lender you qualify, there are state and federal ownership. This may necessitate some
is a mistake. Speak to someone in your programs that may provide full or follow-up counseling or classes in financial
lender’s loan service department and not in temporary assistance. management that we can provide.
the collections department to get help. Early Agreed on sale- If the home can not be
discussions with your lender may generate saved, the lender may agree to sell the If you must sell or move, execute your plan
options. It is a good idea to allow the home for less than you owe. The lender to preserve future options and place yourself
housing counselor to join you in these agrees to accept the amount and waive on the best possible footing.
discussions with your lender. the balance, which preserves your credit.
Deed in lieu – Under this agreement, the
home is given back to the lender. This
does not save the house, but it may
preserve your credit.
Foreclosure Information What can I do when
How can I get started? Directory
These organizations may be able to help: I face foreclosure?
Act as soon as possible, before the Important information about the
situation becomes a crisis. Troy Community Works! foreclosure process
First, call 937 339-1014 or 866 956-9516
Operates a foreclosure assistance center, serving Get help right away
Miami County in Troy Ohio, offering free
and ask for a counseling session in our financial counseling and transition assistance.
Troy Office. Schedule a time to come in for
a private and confidential session with a Homeowners Center of Greater Dayton
certified counselor. The offices of Troy 866 956-9516
Operates a Homeowners Center in Dayton, Ohio
Counseling Center of
Community Works are located at 315 Public
Square SW, Suite 215, Troy Ohio, 45373. offering free financial counseling and Miami County
There is no charge for this counseling. We Legal Aid of Western Ohio
Byron Bonar, 866 837-8847
Call toll free:
keep your records confidential, however you Provides free legal advice and representation in
will be asked to sign a release if we take on qualifying cases. Troy Community Works 937 339-1014
your case, and you will be asked to provide Or
financial data so that you and your counselor Job and Family Services of Miami County Homeowne rs Center 866 956-9516
can begin to understand your specific 937 440-3471 Provides advice and assistance in
situation and prepare your options. unemployment services.
Some things you should NOT do: Mediation for Home Foreclosures
Miami County, Common Pleas Courts
Do not hide from your situation. Keep all 937 440-5900
If you are already in foreclosure, call and ask to
records and correspondence from your
speak to the Assignment Administrator for the
lender. judge assigned to your case to see if mediation is
Do not be embarrassed – it is difficult, but Prepared by Troy Community Works!,
you are not alone, and with help you can get Hope Hotline 888-995-HOPE (4673) a non-profit community development
through this. A national non-profit organization that provides corporation dedicated to sustaining the vitality,
phone advice and counseling. They are also able stability and value of our communities.
to connect you to some local services.
Fundi ng for this program was provi ded by a Troy Community Works!
generous grant from the general fund of the Troy Save the Dream 888 404-4674 315 Public Square, SW, Suite 215
Foundati on, Troy, OH An Ohio program that provides advice and Troy Ohio 45373
counseling for Ohio foreclosures. 937 339-1014 / www.troycommunityworks.com