Ohio has the nation’s highest foreclosure rate, according to a recent report by the Mortgage Bankers Association. The Save the Dream campaign includes radio and television advertisements, an information-rich Web site at www.savethedream.ohio.gov, and a telephone hotline (888-404-4674.)

The campaign supports the number one recommendation in the Ohio Foreclosure Prevention Task Force’s report submitted to Governor Ted Strickland last year. The recommendation was for a public awareness campaign and borrower outreach events to encourage homeowners to contact their mortgage servicer if they are having trouble making their mortgage payment or are facing a reset of an adjustable rate mortgage.

“Foreclosure is devastating, not just to individuals and families, but to entire neighborhoods and communities,” said Governor Ted Strickland. “Unfortunately, many Ohioans facing possible foreclosure don’t know where to turn. The Save the Dream campaign directs Ohioans to the information and organizations they need to contact and work with to save their homes.”

The multi-media campaign was unveiled today by Lt. Governor Lee Fisher and Director of Commerce Kimberly Zurz, who chaired the Foreclosure Prevention Task Force.

“The Strickland Administration is committed to providing Ohioans with the information and tools they need to prevent foreclosures. We are focused on doing everything we can to help Ohioans save the dream of homeownership,” said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development.

Director Zurz said the Web site provides detailed information on the foreclosure process and highlights how Ohioans can take action to save their home. “We strongly encourage Ohioans concerned about foreclosure to immediately contact their mortgage loan servicer, work with a HUD-approved housing counselor, and visit the Save the Dream Web site to learn more about foreclosure prevention,” she said.

Homeowner Cheryl Price, of Columbus, and Kathy Werkmeister, director of the Mid-Ohio Regional Planning Commission’s HUD-approved homeownership counseling program, participated in today’s announcement. By taking action and working with a HUD-approved housing counselor, Ms. Price was able to save her home from foreclosure.

Doug Garver, Executive Director of the Ohio Housing Finance Agency, said his agency will be distributing nearly $3.1 million in housing counseling funds to 18 organizations around the state to increase the availability of foreclosure counseling and boost those organization’s services.

The Save the Dream campaign was developed by the Ohio Department of Commerce in cooperation with several state agencies and demonstrates a coordinated effort to combat Ohio’s higher foreclosure rate.

The core message of the Save the Dream campaign is for homeowners to:

• Contact their mortgage loan servicer at the first sign that they may have difficulty in making their mortgage payment. Homeowners should explain their circumstances and ask to participate in a workout resolution. Even if the foreclosure process has started, it is not too late to reach out to the mortgage servicer.
• While working with the servicer, homeowners should contact a HUD-approved housing counselor to discuss their options. Information on HUD-approved housing counselors is available at www.hud.gov or by calling HUD toll free at (800) 404-4674.

The television and radio advertisements will run statewide from March through August. The ads, which will be mailed to advertising managers next week, can be viewed on the Save the Dream Web site. The $135,000 advertising campaign is being financed through the Ohio Real Estate Commission’s Education and Research Fund.

The Web site provides information on the foreclosure process, available resources in each county, tips on avoiding “rescue” scams, and answers to frequently asked questions. It also includes video testimonials from two homeowners who sought help from HUD-approved housing counselors to save their homes and an overview of what homeowners can expect when working with a counselor.

The campaign will be supported by the Save the Dream Hotline (toll free at 888-404-4674), located at the Ohio Department of Development. Ohioans who call the hotline will be asked a series of questions, and some calls will be forwarded to an approved housing counselor. Questions from callers who may require legal assistance will be e-mailed to Attorney General Marc Dann’s office.

The Save the Dream slogan also has been used by Michigan’s state housing development authority. Ohio adopted the phrase with the permission of Michigan authorities, and officials hope that other states will adopt it for their foreclosure prevention initiatives.

Ohio’s borrower outreach efforts began last year, even before the task force’s final report and recommendations were presented. The Department of Commerce has sponsored six Borrower Outreach Day events in Akron, Cincinnati, Columbus, Nelsonville, the Toledo area and Youngstown. In addition, the U.S. Department of Housing and Urban Development last year sponsored a Homeownership Preservation Clinic in Cleveland that was supported by the State of Ohio. More than 1,700 Ohioans have attended one of the borrower outreach events.