Monday, January 2, 2012

Help in Ohio For Homeowners Behind in Their Property Taxes

Like I wrote about a week ago, some stuff just falls in my lap.  As I was opening my property tax bill yesterday, piece of paper from Toledo's Fair Housing Center fell out. It said that starting January 1, 2012, people who are behind in their property taxes may be eligible for help through Ohio's Restoring Stability program.  ***Notice*** The aid has changed in 2013.  Now, you must have an open mortgage--not own your house free and clear--to be eligible for help.

That's right.  The nationwide program is designed to help stabilize the value of neighborhoods around the country, and in the state of Ohio, this is interpreted to mean helping out homeowners who are in danger of losing their houses because of missed property taxes, as well as missed mortgage payments.  The help comes in the form of a a zero-interest, deferred payment loan that will be forgiven over five years, as long as you do not refinance or sell your home.  That means if you hang onto the home for five years, you will not have to repay it. If you do sell or refinance within five years, you will need to repay the loan from the net proceeds of the sale. 

If you are in the Toledo area, call the Toledo Fair Housing Center at 419-243-6163.  For more information on the program, see the webpage on the Restoring Stability program and find out how it can help you.  If you live in the rest of Ohio, call 888-404-4674 to find a counselor near you who can tell you if you qualify for any home-saving programs.

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