FORECLOSURE PREVENTION Recommendations

Key recommendations in a draft report by the Ohio Foreclosure Prevention Task Force:

Encourage borrowers to get help early by creating a public awareness campaign and build a database to identify high credit risks.

Expand housing counseling and intervention services with a $10 million fund of public and private money to expand housing and financial counseling.

Work with lenders to maximize alternatives to foreclosure by seeking clearer federal guidelines and finding ways to restructure failing loans to protect borrowers and lenders.

Provide options for homeowners to refinance or restructure their mortgages, including income tax forgiveness on loan readjustments and fixed-rate financing for those seeking to refinance their mortgage.

Improve homeowner access to information and legal counsel and maximize early resolution of court actions.

Encourage county auditors to examine artificially inflated property transfers and turn that information over to the attorney general for investigation.

Help communities with $50 million in the next state construction budget to develop strategies to reduce vacant housing and revitalize neighborhoods.

Source: Ohio Foreclosure Prevention Task Force