Minnillo & Jenkins, CO. LPA
Call 513-723-1600
For A No-Pressure, Free Consultation

Federal foreclosure assistance was too slow for some Ohio victims

If you were one of the unfortunate victims of the foreclosure crisis in Ohio, this “news” may not be news to you. But the trickle-down effect throughout the Ohio economy could have affected many others and may continue to do so. While help was on the way, the waiting was the hardest part.

The “Hardest Hit Fund,” offered from the federal government under the Troubled Asset Relief Program to homeowners going through foreclosure, was designed to help unemployed homeowners avoid foreclosure by providing loan-modification help among other assistance. The funds were offered to states with the highest foreclosure rates which included Ohio. But according to statistics from the Treasury Department, which administered the program, Ohio took longer to provide assistance to homeowners than any of the other states in the program.

The statistics show that, on average, it took over a year – 366 days – for an Ohio applicant to get financial assistance after losing a home. Loan modifications took around 240 days for approval. Past-due mortgage payments were often not delivered for about nine months. Unemployment mortgage help took about six months. One report said that Ohio’s program barely made a dent in its foreclosure numbers and helped less than half of the victims that the state had projected to provide with assistance.

The TARP official who criticized Ohio’s “glacial” pace noted that unemployed people don’t have that much time to wait for assistance. She also compared the pace of payment to individuals to the bailouts offered to banks and automakers under financial assistance programs which didn’t have to wait six months to a year. “Save the Dream Ohio” reportedly ultimately helped over seventy percent of the people who applied for assistance, giving out over $570 million in aid, all of which has now either been distributed or is committed to future payments.

Unfortunately, because of the delays, many people in Ohio who suffered through the foreclosure process or other financial challenges may still need assistance with their financial future. Bankruptcy may be am option. The advice of a bankruptcy attorney can help you determine your best course of action.

Source: Cleveland.com, “Federal report slams Ohio for major delays in helping homeowners in foreclosure,” Stephen Koff, Oct. 28, 2015

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Cincinnati Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: 513-723-1600
Cincinnati Law Office Map

Cincinnati Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: 513-685-0612
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: 513-795-0995
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Covington, KY 41011

Phone: 513-795-0995
Map & Directions