FAQ

Eligibility for Services

Q: How much do ESOP’s services cost?
A: Nothing. ESOP is a non-profit organization and our services are free of charge. Of course, we always appreciate donations and volunteers.

Q: What if my mortgage is with a company that ESOP does not have an agreement with? Can ESOP still help me?
A: Yes. However, the process may take slightly longer when working with lenders with whom we do not already have a contact.

Q: Do I have to have a job to receive assistance from ESOP?
A: Not necessarily. You (and/or your family) must prove your ability to afford monthly payments. In most cases, this requires proof of income, which, in addition to pay stubs, can include food stamps, social security, disability, unemployment, child support, etc.

Q: Can ESOP assist me if I am in foreclosure due to taxes only?
A: No. Unfortunately ESOP can only assist homeowners with foreclosure problems related to their mortgage.

Scope of Services

Q: Does ESOP assist first-time homebuyers with taking out a mortgage?
A: No. ESOP only assists homeowners who already have a mortgage.

Q: Can ESOP offer me financial assistance?
A: No. ESOP does not have funds available to homeowners. It is your responsibility to save toward a resolution to your situation. There are rescue funds available through Cuyahoga County to be used toward a down payment on a modification.

Q: Does ESOP offer assistance for rental properties (properties not occupied by the owner)?
A: No. ESOP can only offer assistance for owner-occupied homes.

Q: Can ESOP help me get my home after it has been sold at sheriff sale?
A: No. ESOP can work with homeowners right up until the sheriff sale, but after the home is sold, there is nothing ESOP can do.

When Working with ESOP

Q: How long does the process of receiving a loan modification take when working with ESOP?
A: The average negotiation process takes 3-4 weeks, but longer in some cases. It also depends on how quickly the homeowner provides information and/or documentation when it is requested.

Q: Can ESOP stop my home from being sold at sheriff sale?
A: Sometimes. This process can begin as soon as a homeowner comes to ESOP for assistance. The closer to the sale date, however, the more difficult it becomes. It is easier when the mortgage is with one of ESOP’s lender partners.

Q: Should I continue to pay my mortgage, even if I am in foreclosure or in the process of working with ESOP?
A: If you can afford to make payments, and your lender is still accepting your payments, you should continue to make them.

Q: Do I need to hire an attorney to help me get out of foreclosure?
A: That is your personal choice. We at ESOP cannot give you legal advice, so if you feel you need an attorney, you should feel free to hire one.

Q: Where can I find information about my rights and responsibilities as a homeowner facing foreclosure?
A: See our Resources page, or visit www.hud.org. ESOP staff is also available to answer any questions you may have.

Q: I have been receiving notices in the mail from companies claiming they can stop my foreclosure if I send them money. Should I take this route to save my home?
A: No. These notices come from "rescue fraud operations," which often take your payment, and then disappear without doing anything to save your home. Besides, that money could be saved toward your mortgage, not sent to a third party.

Q: Should I file bankruptcy to save my home?
A: That is your choice. However, ESOP cannot work with homeowners who are in an active bankruptcy. If you are currently in bankruptcy and would like to receive help from ESOP, you must first have your bankruptcy dismissed.