Ohio Receives Federal Funds To Prevent Foreclosures

The state of Ohio is the latest to receive federal funding to curb its foreclosure crisis and help Americans establish control over their mortgage debt. According to Ohio news station WBNS - 10TV, the state was awarded $320 million to fund a foreclosure prevention program through its Housing Finance Agency.

The funds will be allocated to unemployed individuals at risk of losing their home - an estimated 26,000 residents. Struggling homeowners may receive up to $15,000 in payments while they seek employment, the news station said. The funds may also be used to aid homeowners in completing a short sale transaction or a deed in lieu.

"We'll be able to provide resources to help them stay in their homes while they are going through job training, while they are looking for another job, while they are dealing with the kinds of things that really weren't a fault of their own and help them get through these tough times," Ohio Housing Finance Agency executive director Doug Garver told the news station.

New Jersey recently received federal funding to help unemployed citizens manage their debt while they sought jobs. More states are providing debt relief initiatives through prevention programs that provide training, educational materials and financial assistance.