Columbus, Ohio – Governor Ted Strickland today established the Foreclosure Prevention Task Force, a group that will provide a unified response to improve prevention methods and manage foreclosure issues in the state.
“I am directing my administration to take action to help reduce and prevent foreclosures,” Strickland said. “This Foreclosure Prevention Task Force brings together representatives from all affected entities to address this important issue.”
The governor, in a partnership with the Ohio Department of Development, the Ohio Department of Commerce and the Ohio Housing Finance Agency, has charged the Foreclosure Prevention Task Force with creating the appropriate model of foreclosure prevention, intervention and strategies to assist distressed mortgages.
The task force, which will be chaired by Department of Commerce Director Kim Zurz, will include representation from the state, local governments, lenders, non-profit sector and private sector.
“Foreclosures are not only a hardship on the families fighting to save their homes, but they can have a serious impact on our economy,” Strickland said. “Ohio’s foreclosure rate is not only high compared to other states, but it has gradually increased and is expected to grow faster in the next two years. This problem demands a comprehensive response.”
The task force members will work on outreach and education for homebuyers and those facing foreclosure, proactive intervention to help homeowners facing imminent foreclosure, and financial resources and strategies to work out distressed mortgages to keep people in their homes.
In addition, OHFA will offer a refinancing program beginning April 1 that will make available an affordable, fixed-rate financing alternative to homeowners whose current loan is inappropriate for their financial circumstances. This program will be backed by the sale of taxable bonds.