Ohio agency program may prevent foreclosures
Published 11:14 am Tuesday, December 6, 2016
Up to $35,000 in assistance is available
A program through the Ohio Housing Finance Agency (OHFA) may be able to help some people save their homes.
Save the Dream Ohio is a foreclosure prevention effort available to people who qualify, which include those whose household income is below $112,375, those who owe less than $432,000 on mortgage, those who have been awarded unemployment benefits since Jan. 1, 2014, and if any bankruptcies have been discharged.
“This is a program through the federal government to try and reduce foreclosures when someone has had an adverse economic event,” Lawrence County Treasurer Steve Burcham said. “A number of Lawrence County residents have been laid off and unemployment is starting to run out.”
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The maximum amount of assistance available is $35,000, and the average amount of assistance is around $14,000. The program can pay mortgage payments for up to nine months if a person qualifies.
Save the Dream Ohio is a forgivable loan, and places a five year lean on the house to prevent the owner from selling or moving.
If a person qualifies for the assistance, OHFA will request approval from their mortgage lender/servicer, and if approved, OHFA will schedule a closing when the documents are signed to establish the Save the Dream Ohio assistance forgivable loan.
Save the Dream Ohio works with nonprofit housing counseling agencies and does not charge for its services.
If eligible, to apply for Save the Dream Ohio assistance, contact an approved housing counseling agency listed at www.savethedream.ohio.gov or call Save the Dream Ohio at 1-888-404-4674.