Brecksville's Handy Homeowner: Avoiding Foreclosure

Home ownership has always been painted as part of the American dream. However, foreclosures have risen sharply in the past several years and RealtyTrac reports that 1 in every 425 housing units in Cuyahoga County received a foreclosure filing in June of this year.

Brecksville real estate agent Jan Stanley of the says that she's definitely noticed a big increase in foreclosures right here in Brecksville. She says it is an issue in all types of neighborhoods and all price ranges.

But waking up from the American dream doesn’t have to be a nightmare. There is a wealth of information out there to help homeowners.

The website for the Building Department of the has a link to some state and county information on how to avoid foreclosure. The recommended first step is to call your lender as soon as possible to work out a refinancing option, loan modification or some other agreement.

If you’ve found yourself having trouble making your mortgage payments and you’re not sure where to begin, the U.S. Department of Housing and Urban Development website has recommendations for what to do, including:

• Contacting your lender, how to talk with them and who to call if your lender won’t work with you.
• Contacting a department-approved counseling agency.
• Making sure you open all of the mail you receive from your mortgage company.

There are also government programs available to help people stay in their homes. One of them is the Making Home Affordable Program, which can help homeowners to lower their monthly mortgage payments or get out of their mortgage while avoiding foreclosure. This program also has options for unemployed homeowners and people who owe more than their homes are worth.

Unfortunately, there are many companies out there who try to take advantage of vulnerable homeowners. The state of Ohio has information on its website for avoiding scams that claim to help you avoid foreclosure. They recommend being wary of companies that make unrealistic claims, such as those who guarantee to save your home, collect a fee before providing services, ask you to transfer your deed or title to them or pressure you to sign paperwork you don't understand.

Information is power, and knowing where to turn can help take the pinch out of waking up from the American dream, or at least offer an alternative to tossing and turning all night.