MORTGAGE ASSISTANCE TO OHIOANS

RESTORING STABILITY

A Save the Dream Ohio Initiative

 

The Ohio Housing Finance Agency (OHFA) administers Ohio’s foreclosure prevention program for homeowners who are at high risk of default or foreclosure.  Ohio was allocated $570.4 million from the U.S. Department of Treasury’s Hardest Hit Fund (HHF) to implement Restoring Stability: A Save the Dream Ohio Initiative.

 

Aimed to assist homeowners with financial hardships including unemployment, reduced wages or hours, death of a spouse, increased medical expenses or divorce.

For Homeowners:

1.   Rescue Payment Assistance:  brings the homeowner current on his or her delinquent mortgage;

2.   Mortgage Payment Assistance provides up to 15 months of mortgage payments;

3.   Mortgage Modification with Contribution Assistance reduces delinquent and/or principal balances to help homeowners qualify for an affordable loan modification;

4.   Transition Assistance provides an alternative to foreclosure by offering relocation assistance in connection with an approved short sale or deed-in-lieu of foreclosure; and

5.   Lien Elimination Assistance provides a payment to extinguish the homeowner’s mortgage loan.

 

Eligibility requirements:

1.   A verifiable financial hardship (i.e. involuntary loss of income, reduction in wages or hours, divorce, disability, death of a family member, illness or a significant increase in medical expenses;

2.   A household income of less than 115 percent of the county area median income;

3.   A first mortgage debt of less than $432,000; and,

4.   Liquid assets (i.e. savings and checking accounts, not retirement savings) that total less than six months of mortgage payments.


CALL:  888.404.4674

 

*Note: Applicants must meet eligibility requirements related to income, assets and hardship.  Participation is contingent upon mortgage servicer approval.

 

RELATED:

SAVE THE DREAM OHIO

 

EMPOWERING AND STRENGTHENING OHIO'S PEOPLE

 

RESTORING STABILITY : SAVE THE DREAM