If you’re a central Ohioan and looking for some solutions to stop foreclosure – you’re not alone to save your home from foreclosure as many central Ohioans gathered at the Greater Columbus Convention Center looking for similar solutions. Most of them are putting their hopes on the government help to stop foreclosure via federal Home Affordable Modification Program (HAMP).

Based on The Columbus Dispatch:

Homeowners behind on their loans might be able to reduce their monthly payments by working directly with their lender or working through the federal Home Affordable Modification Program. To qualify, homeowners must:

• Own and occupy their home
• Owe less than $729,751 on the home
• Have taken out the first mortgage before Jan. 2, 2009
• Owe more than 31 percent of their monthly gross income on their mortgage payment (including taxes, insurance and homeowner-association dues)
• Be able to document a financial hardship that makes it impossible to afford the mortgage

For those who are not qualified for HAMP – don’t get despair as many loan modification banks have significantly increased to save nearly 40,000 troubled Ohio loans since early 2009.

Source: The Columbus Dispatch

Picture courtesy of Wesley Fryer