"Last month, the U.S. Congress passed and President Obama signed into law the Helping Families Save Their Homes Act. Gibran Nicholas, Chairman of the Certified Mortgage Planning Specialist Institute, an organization that certifies mortgage bankers and brokers, says, "There are five primary sections of the new law that will benefit homeowners and consumers." Here is a brief summary of those changes that may be of interest to readers of this column who are homeowners:

Benefit #1: Loan Modifications and Short Sales Should Get Easier. The new law requires servicers to modify loans and approve short sales as long as the borrower meets these three requirements: 1) Default on the mortgage is reasonably foreseeable; 2) the homeowner is occupying the property as a permanent residence; and 3) the mortgage company will be able to recover more from the loan modification or short sale than by foreclosing on the home.

Benefit #2: New and Improved Federal Housing Administration Hope for Homeowners Program. This new law modifies the FHA Hope for Homeowners program that was launched in 2008, which turned out to be virtually useless. Until this new law modified last year's program, only one family qualified for that program. This new version makes it more attractive to lenders to participate, which should generate more participation.

Benefit #3: $250,000 FDIC Insurance Limit Extended to Dec. 31, 2013. This doesn't have much to do with home mortgages, but it's part of this law. You may recall that your deposits in banks were insured by the FDIC up to $100,000. That was increased to $250,000 but for only one year, expiring at the end of 2009. That has been extended through 2013.

Benefit #4: Borrowers Must be Notified When Ownership of Their Mortgage Changes. Seems pretty reasonable, but in the past it was not required. In the past, the owner of the mortgage was not necessarily the servicer. Now, borrowers must be notified when the mortgage is sold to another company, even if the servicer of the mortgage remains the same.

Benefit #5: Tenants are Better Protected in the Event of Their Landlord's Foreclosure. Tenants are now allowed to occupy the property until the end of their lease term, even if the landlord goes through foreclosure. If the new buyer intends to occupy the home as his or her primary residence, the tenant must be given a 90-day notice before being forced to leave.

If you have a mortgage and believe this new law may benefit you in some way, call your loan servicer to find out. Ask questions, don't be intimidated and know with certainty what any change to your current situation will cost you in fees, if any. For more information, please visit

MakingHomeAffordable.gov."

FROM MARY HUNT'S DEBT PROOF LIVING

THE OHIO BENEFIT BANK – FOR LOW AND MODERATE INCOME OHIOANS

The Ohio Benefit Bank (OBB) is a web-based computer program to connect low and moderate-income Ohioans with access to work supports such as tax credits and public benefits.

The OBB is offered through a public-private partnership between the Governor's Office of Faith-Based and Community Initiatives, the Ohio Association of Second Harvest Foodbanksand more than 400 faith-based, non-profit, governmental and private-sector partners.

More than 2700 trained counselors are currently staffing 700+ Benefit Bank sites and clinics in 84 of Ohio's 88 counties to help prepare and file federal and Ohio income tax returns at no cost to eligible Ohioans. Free income tax assistance is also available through an online, self-service program.

Ohioans can also check potential eligibility for other work support benefits such as health care coverage, home energy assistance, child care subsidies and food stamps at the Benefit Bank site or online.

Since beginning operations, the Benefit Bank has helped more than 28,000 Ohioans claim more than $37.5 million in tax credits and other work supports --$11 million in 2008 alone. However, more than $1.6 billion in tax credits and other supports go unclaimed by eligible Ohioans who do not apply.

If you need additional information about tax and benefits assistance in local communities, please call (800) 648-1176.

The Office of the Ohio Consumers' Counsel (OCC), the residential utility consumer advocate, represents the interests of 4.5 million households in proceedings before state and federal regulators and in the courts. The state agency also educates consumers about electric, natural gas, telephone and water issues and resolves complaints from individuals. To receive utility information, brochures, schedule a presentation or file a utility complaint, residential consumers may call 1-877-PICKOCC (1-877-742-5622) toll free in Ohio or visit the OCC Web site at www.pickocc.org

For latest news click HERE

Office of the Ohio Consumers' Counsel
10 West Broad Street, Suite 1800
Columbus, Ohio 43215-3485

Ohio

Incentives/Policies for Renewables & Efficiency

REPAIR IT YOURSELF:

FindHow.com

FixYa.com

RepairClinic.com.

Rebuilding Together Cleveland (non-profit group)

Provides free program for Seniors, low-income, and disabled. - house painting, cleaning the yard, trimming branches, planting flowers and bushes, minor outdoor repairs, such as fixing gutters, sagging porches, and raiings

Wrapping water heaters in special insulation, providing florescent light bulbs, weatherizing the windows, etc

Applications here [deadline for 2010 is February 28, 2010]

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211 First Call For Help-2-1-1 is a free community service you can use to get information about social, health and government resources 24 hours a day, every day. Simply dial 2-1-1 or call 216-436-2000 in Cuyahoga County, 440-285-3194 in Geauga County or 888-330-4211 in Medina County. You may also try browsing this web site to find the resources you need. We list information on more than 10,000 community services. www.211cleveland.org

Utility Assistance:

Salvation Army: 216.861.8185

Empowerment Center: 216.432.4770

United Way - First Call for Help (see above): 211 or 436.2000

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