Toledo Non-Profit Helps Homeowner In Foreclosure Save Home; Negotiates 80%+ Loan Reduction, Obtains $5K Grant

In Toledo, Ohio, the Toledo Blade reports:

• Timothy and Michelle Moll had been happily settled into their remodeled house in Toledo's old south end for nearly a decade when misfortune struck. [...] The couple fell behind in mortgage payments, and were facing the loss of their house.

• But then, the Fair Housing Center of Toledo tossed them a rescue line. Personnel there convinced the Molls' lender to reduce the couple's loan balance to $10,000 from $55,000. That done, the Fair Housing Center helped them find $10,000 in financing, including a $5,000 grant from a Lucas County foreclosure prevention program established with state anti-poverty funds. The couple's monthly mortgage payments have been cut from $1,275 to $245.

For more, see Local housing agency fighting foreclosure wave with loan funds.