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Along with many agencies and officials, the FHLBank of Cincinnati is concerned over the personal and economic impact of rising foreclosure rates in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank of Cincinnati is actively responding. We have developed HomeProtect, a loan program to assist member financial institutions refinance permanent first mortgages for homeowners at risk of delinquency, and Preserving the American Dream, a fund providing foreclosure/loss mitigation counseling and/or "rescue funds" for at-risk homeowners. By law, any programs offered by the FHLBank must be delivered through our member financial institutions.
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HomeProtect is a lending program that makes Advances (secured loans) available to members at the FHLBank’s cost of funds. HomeProtect Advances may be used to help borrowers refinance adjustable rate loans that are about to reset.
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Preserving the American Dream, established by the FHLBank in 2008, is a fund to help homeowners at risk of foreclosure; FHLBank members partner with qualifying nonprofit housing counseling agencies that provide foreclosure/loss mitigation counseling, up to $3,500 per household.
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We are also concerned with the personal impact upon borrowers and their families facing foreclosure. Experience has shown that early communication results in more options for the borrower and the lender. The FHLBank encourages all borrowers to contact their local lenders if they cannot make a mortgage payment. Early communication with lenders can result in workable solutions thereby avoiding the pain of foreclosure. Borrowers may also contact organizations that provide guidance and referrals free of charge. One such organization is the Homeownership Preservation Foundation supported by NeighborWorks® America, which offers a Web site (www.995hope.org) and a national hotline, 1-888-995-HOPE. The hotline is staffed with counselors trained to set up callers with a plan of action to help in any phase of mortgage default.
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| Foreclosure Links |
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Homeownership Preservation Foundation Hotline
HUD
HomeProtect
Ohio Residents: Save the Dream
Preserving the American Dream
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