Program Provides Mortgage Assistance

The tough economy is forcing many homeowners into foreclosure, but changes to an assistance program could help people get back on track.

Empowering and Strengthening Ohio’s People is an organization that helps homeowners who are struggling to make their monthly mortgage payments due to a hardship situation.  Executive Director Mark Seifert said the "Restoring Stability" program can make a difference for those who qualify.

"It’s about $570-million, and it’s designed to assist families, especially those that are facing unemployment or underemployment, and it provides in the form of a grant assistance up to $25,000, and that can be used in a variety of ways," said Seifert.

The program is part of the "Save the Dream Ohio" initiative administered by the Ohio Housing Finance Agency.  It aims to help an estimated 53,000 families who are at high risk of default or foreclosure.  Seifert said that recent changes to the program are making it an option available to even more people.

"The biggest is the cap," said Seifert.  "We’re going from $15,000 or $20,000 depending on the program up to $25,000.  They’re also leaning more toward making the full mortgage payment for a homeowner as opposed to a partial mortgage payment."

Last year ESOP provided financial counseling to about 8,000 families statewide, which is up by about 2,500 from the year before.  If you need assistance, you can call the organization’s Muskingum County branch at (740) 617-4228.