Since Ohio has led the nation in foreclosures, many agencies have developed programs that offer foreclosure help in Ohio. Many states have been adversely affected by the subprime mortgage crisis, but state officials have led the way in developing programs offering foreclosure help for the state of Ohio. Subprime mortgages are mortgages that are offered to borrowers with blemishes on their credit reports. Typically, these mortgages came with “teaser” rates for a limited number of years.
After this “teaser” period expired, their interest rates increased significantly, to the higher rate that was necessary to offset the low credit score. Many borrowers with this type of loan have found themselves unable to afford their mortgages with the higher interest rate. Many of these borrowers may not have been made aware of the actual cost of the mortgage before they closed the loan. These borrowers are the ones that are seeking foreclosure help for the state of Ohio.