19 Action News|Cleveland, OH|Breaking News, Weather, ExclusivesOhio Initiative aims to assist 26,000 homeowners facing foreclosure

Ohio Initiative aims to assist 26,000 homeowners facing foreclosure

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COLUMBUS, OH (WOIO) - A Save the Dream Ohio Initiative helps Ohio homeowners struggling to make their monthly house payments or those who have already fallen behind on their mortgage.

The program aims to assist 26,000 homeowners who have experienced a financial hardship and are currently at-risk of mortgage loan default or foreclosure. In many cases, Restoring Stability programs can help homeowners with financial hardships who have previously not qualified for other existing loan modification and foreclosure prevention programs. Restoring Stability includes four different programs, giving homeowners the best solutions for their unique needs. Programs may be combined (up to the maximum household benefit amount) to further fit each homeowner's situation.

Restoring Stability programs include:

  • Rescue Payment Assistance: Provides a payment to a participating homeowner's mortgage service to help bring the homeowner current on his or her delinquent mortgage. Learn more about Rescue Payment Assistance.
  • Partial Mortgage Payment Assistance: Provides partial mortgage payments while unemployed homeowners search for a job or participate in job training. Learn more about Partial Mortgage Payment Assistance.
  • Modification Assistance with Principal Reduction: Provides a payment incentive to mortgage servicers to reduce a participating homeowner's mortgage principal to the level necessary to achieve a loan modification and affordable monthly mortgage payments. Learn more about Modification Assistance with Principal Reduction.
  • Transitional Assistance: Provides homeowners who cannot sustain homeownership with an alternative to foreclosure by offering an incentive to mortgage servicers to complete short sales and deed-in-lieu agreements. Transitional Assistance allows homeowners to exit their homes gracefully. Learn more about Transitional Assistance.
About Restoring Stability: A Save the Dream Ohio Initiative Funding

OHFA developed the comprehensive, statewide Restoring Stability: A Save the Dream Ohio Initiative in collaboration with Governor Ted Strickland, the Ohio Department of Commerce, and the Save the Dream Ohio partners. The program's $320 million in federal foreclosure prevention funding is made possible by President Obama's Housing Finance Agency Innovation Fund for the Hardest-Hit Markets, established in February 2010 to provide financial assistance to families in the states most impacted by the downturn of the housing market. On August 4, the U.S. Department of Treasury (U.S. Treasury) announced the approval of the Ohio Hardest-Hit Fund plan—Restoring Stability: A Save the Dream Ohio Initiative —for $172 million. On August 11, U.S. Treasury announced another round of funding allocating $148 million to help unemployed homeowners pay their mortgage.

For more information, click this link http://www.ohiohome.org/restoringstability/default.aspx

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