Event Designed To Help Akron-Canton-Cleveland Area Residents Concerned About Foreclosure

With the Akron metropolitan area ranked 12th in the nation in the number of foreclosures in 2007 (RealtyTrac), the State of Ohio is sponsoring an event to help Akron-Canton-Cleveland area residents avoid foreclosure.

Borrower Outreach Day will be held on Thursday, March 6, from 2 p.m. to 8 p.m., at the Akron Urban League, 440 Vernon Odom Blvd., Akron. The event is being sponsored by the Ohio Department of Commerce in partnership with Ohio Treasurer Richard Cordray and the Ohio Housing Finance Agency.

Note: To protect the privacy of the individuals attending this event, no cameras or video cameras will be permitted.

Several mortgage loan servicers will be attending the event to meet one-on-one with borrowers who are having difficulty making their mortgage payments.

The number of foreclosures is increasing as many adjustable rate mortgages with low “teaser” rates are being reset to higher interest rates and higher monthly payments. State officials strongly encourage borrowers who are having difficulty meeting their mortgage payments to take action. The best ways for homeowners to prevent foreclosure is to work directly with their loan servicer and to contact a housing counselor, approved by the U.S. Department of Housing and Urban Development.

Local, state and federal housing experts and housing counselors will be at the Akron borrower outreach event to provide additional resources. Borrower Outreach Day attendees will also have the opportunity to participate in several brief workshops throughout the day.

Information on the Borrower Outreach Day is available at www.com.state.oh.us/bod. This site is updated as new information is available, including the loan servicers that will be participating. Information on foreclosure prevention is available by going to the Ohio Department of Commerce website at www.com.ohio.gov and clicking on “Foreclosure Information.”

The Akron event will be the fifth Borrower Outreach Day sponsored by the State of Ohio. Prior events were held in Nelsonville, Columbus, the Toledo area, and Cincinnati. In addition, the U.S. Department of Housing and Urban Development sponsored a Homeownership Preservation Clinic in Cleveland last August. About 1,500 Ohioans have attended these outreach events.

A sixth Borrower Outreach Day will be held in Youngstown on Friday, March 7. Homeowners who cannot attend the Akron event on March 6, are encouraged to attend the Youngstown event. It will be held at the Jewish Community Center, 505 Gypsy Lane, Youngstown.