CLEVELAND - The Neighborhood Housing Services of Greater Cleveland is saving homes and homeowners one mortgage at a time on Cleveland’s Broadway Avenue.
“There’s numerous tools in the toolbox, many are expiring at the end of this year,” said Executive Director Lou Tisler.
Tisler told Fox 8’s Lorrie Taylor the latest federal program going unnoticed by thousands of homeowners will lower interest rates and principal too.
“This was a huge help for me,” said Mahria Harris, Director of Homeowner Services. Harris said she and her husband fell behind in their mortgage payments when her husband lost his job. Half their income disappeared with his employment.
“Because of who I work for, I knew that help was available,” said Harris.
She told Taylor the Principal Reduction Modification Program lowered her interest rate from 7% to 4% and cut her house payment in half. Only homeowners whose mortgages are owned or guaranteed by Fannie Mae or Freddie Mac are eligible to participate.
“Very easy, all we had to do was review the documents, sign and send it in,” said Harris.
"It really does,” he responded, “And there's a lot of programs out there that sound too good to be true but this is one that's going to change people's financial future."