Ohio launches major statewide foreclosure-prevention initiative

COLUMBUS -- The Ohio Department of Commerce unveiled its "Save the Dream" campaign Thursday morning.

The multi-media campaign is aimed at helping Ohioans take action to save their dream of homeownership.

Ohio has the nation's highest foreclosure rate, according to a recent report by the Mortgage Bankers Association.

The "Save the Dream" campaign includes radio and television advertisements, an information-rich Web site.

Click the link below to go to Ohio's "Save the Dream" Web site.

The campaign supports the #1 recommendation in the Ohio Foreclosure Prevention Task Force?s report submitted to Governor Ted Strickland last year: a public awareness campaign and borrower outreach events to encourage homeowners to contact their mortgage servicer if they are having trouble making their mortgage payment or are facing a reset of an adjustable rate mortgage.

"Foreclosure is devastating, not just to individuals and families, but to entire neighborhoods and communities," Strickland said. "Unfortunately, many Ohioans facing possible foreclosure don't know where to turn. The 'Save the Dream' campaign directs Ohioans to the information and organizations they need to contact and work with to save their homes."

The campaign was unveiled today by Lt. Governor Lee Fisher and Director of Commerce Kimberly Zurz, who chaired the Foreclosure Prevention Task Force.

Director Zurz said the Web site provides detailed information on the foreclosure process and highlights how Ohioans can take action to save their home.

Doug Garver, Executive Director of the Ohio Housing Finance Agency, said his agency will be distributing nearly $3.1 million in housing counseling funds to 18 organizations around the state to increase the availability of foreclosure counseling and boost those organization's services.

The core message of the Save the Dream campaign is for homeowners to contact their mortgage loan servicer at the first sign that they may have difficulty in making their mortgage payment.

Homeowners should explain their circumstances and ask to participate in a workout resolution. Even if the foreclosure process has started, it is not too late to reach out to the mortgage servicer.

While working with the servicer, homeowners should contact a HUD-approved housing counselor to discuss their options.

The Web site provides information on the foreclosure process, available resources in each county, tips on avoiding "rescue" scams, and answers to frequently asked questions.

It also includes video testimonials from two homeowners who sought help from HUD-approved housing counselors to save their homes and an overview of what homeowners can expect when working with a counselor.

Click on the link below to go to the HUD Web site.

Information on HUD-approved housing counselors is also available toll free at(800)404-4674.

"Save the Dream" television and radio ads also began today statewide and will run through August.

The $135,000 advertising campaign is being financed through the Ohio Real Estate Commission's Education and Research Fund.

The campaign will be supported by the Save the Dream toll-free Hotline at 888-404-4674, located at the Ohio Department of Development.

Ohioans who call the hotline will be asked a series of questions, and some calls will be forwarded to an approved housing counselor.

Questions from callers who may require legal assistance will be e-mailed to Attorney General Marc Dann's office.

Ohio's borrower outreach efforts began last year, even before the task force's final report and recommendations were presented.

The Department of Commerce has sponsored six Borrower Outreach Day events in Akron, Cincinnati, Columbus, Nelsonville, the Toledo area and Youngstown.

In addition, the U.S. Department of Housing and Urban Development last year sponsored a Homeownership Preservation Clinic in Cleveland that was supported by the State of Ohio.

More than 1,700 Ohioans have attended one of the borrower outreach events.