Bankruptcy and Save the Dream Ohio: For Homeowners Facing Foreclosure

If you are an Ohio homeowner considering filing bankruptcy, you may want to consider a new program, Save the Dream Ohio, available if you are also facing foreclosure of your home.  Whether you are considering Chapter 7 or Chapter 13, you will need to know what each chapter can do, the differences between the two chapters, and, The federal government just announced new funding or Ohio homeowners, of $ 172 million, to work with the Save the Dream Ohio program to help Ohio homeowners to try to save their homes from foreclosure.  Will the program work?  Hopefully this program will work better than prior ones.  It is at least worth the effort to apply.  Although the answer may well be “no,” it will never be “yes” if you don’t try.  For more information about the new federal funding [click here].  For more information about the Save the Dream Ohio program [click here].

According to a report on CNNMoney.com that just came out [click here], about one of ten homeowners with homes in foreclosure received mortgage modifications through government programs during the past year. 

The Home Affordable Modification Program (HAMP) is also available to help you try to rescue your home from foreclosure.  A few of my clients have either already received loan modifications through HAMP or have HAMP applications under review.  For more information about this program, see my recent blog [click here].

If you are facing the difficult decision of trying to save your home from foreclosure, you should discuss your situation with a bankruptcy attorney, who can review your finances and help you determine whether the government programs might work, and whether you should consider filing bankruptcy.  Call me today at 293-2392 to schedule a time when I can discuss your situation and help you determine a course of action that will help you make these crucial decisions.