Restoring Stability: A Save the Dream Ohio Initiative

Visit Save the Dream Ohio and click the "Apply Now" button to begin applying for assistance through Restoring Stability: A Save the Dream Ohio Initiative.

The Ohio Hardest-Hit Fund (HHF) Program is called Restoring Stability: A Save the Dream Ohio Initiative. If you're a homeowner, mortgage servicer or lender, housing partner, housing counselor, or member of the press looking for information regarding the Ohio HHF plan, you're in the right place.

 

Important Restoring Stability: A Save the Dream Ohio Initiative Update – effective January 1, 2012

The Ohio Housing Finance Agency is pleased to announce important changes that will help even more Ohioans avoid foreclosure. Starting January 1, 2012, more unemployed and underemployed Ohioans may be eligible for mortgage assistance through Restoring Stability: A Save the Dream Ohio Initiative. Other program changes include:

• An increase in the amount of liquid assets a homeowner may have;
• Homeowners residing in manufactured homes titled as real estate are now eligible;
• Homeowners who have a discharged Chapter 7 are now eligible even if they did not reaffirm their mortgage, subject to approval by their mortgage servicer;
• Homeowners who have missed mortgage payments but are now able to make payments on their own may access up to $25,000 to reinstate their mortgages.
• Homeowners who are unemployed and underemployed may receive full mortgage payments for up to 15 months or $20,000. Homeowners already participating in Restoring Stability may now be eligible to have their full mortgage payments for up to 15 months.

Restoring Stability: A Save the Dream Ohio Initiative is funded through the U.S. Department of the Treasury's Hardest Hit Fund.

Homeowners who are in foreclosure, delinquent, or fear they may miss a mortgage payment may call the Save the Dream Ohio hotline at 888-404-4674. More information about assistance to prevent foreclosure is available at www.savethedream.ohio.gov.

 

About Restoring Stability: A Save the Dream Ohio Initiative

Restoring Stability: 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. Through the program, the Ohio Housing Finance Agency (OHFA) will administer $570.4 million in federal foreclosure prevention funding to help families dealing with a permanent or temporary loss of income avoid foreclosure.

• Restoring Stability Fact Sheet (331 KB Adobe PDF File)

Restoring Stability: A Save the Dream Ohio Initiative Programs

Restoring Stability: A Save the Dream Ohio Initiative aims to assist 53,000 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 five 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 servicer to help bring the homeowner current on his or her delinquent mortgage. Learn more about Rescue Payment Assistance.


• Mortgage Payment Assistance: Provides up to 15 months of mortgage payments to servicers for unemployed and underemployed homeowners. Learn more about Mortgage Payment Assistance.


• Mortgage Modification with Contribution Assistance: Provides a payment to mortgage servicers to reduce a participating homeowner's mortgage principal in connection with a loan modification. Learn more about Mortgage Modification with Contribution Assistance.


• Transitional Assistance: Provides homeowners who cannot sustain homeownership with an alternative to foreclosure by offering relocation assistance in connection with an approved short sale or deed-in-lieu of foreclosure. Learn more about Transitional Assistance.


• Lien Elimination Assitance: Provides a payment to a participating homeowner’s mortgage servicer and other lienholders to extinguish existing liens. Learn more about Lien Elimination 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 Save the Dream Ohio partners. The program's $570.4 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.

• View the revised Ohio HHF (Restoring Stability) Plan submitted to U.S. Treasury on 4/11/11 (3.28 MB Adobe PDF)
• View the Ohio HHF (Restoring Stability) Plan Amendment submitted to U.S. Treasury on 9/1/10 (243 KB Adobe PDF)
• View the Ohio HHF (Restoring Stability) Plan approved on 8/4/10 (5.29 MB Adobe PDF)