Restoring Stability: A Save the Dream Ohio Initiative for Homeowners


Go to the Ohio Save the Dream Website Visit the Save the Dream to learn more.

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

Program options designed to meet your needs.

At OHFA, we realize that each homeowner's situation is unique. That's why Restoring Stability: A Save the Dream Ohio Initiative includes a variety of assistance options to help homeowners struggling with a temporary or permanent reduction in income. Even if you have been unable to qualify for existing loan modification or foreclosure prevention programs in the past, Restoring Stability may be able to help you get the assistance and support you need during a difficult financial time. The program's flexibility may allow you to combine programs if necessary—up to the maximum household benefit amount—to best suit your needs.

Applying for Restoring Stability: A Save the Dream Ohio Programs

You will need to visit the Save the Dream Ohio website to begin the free, confidential application process to participate in Restoring Stability: A Save the Dream Ohio Initiative. You may also apply by calling the Save the Dream Ohio hotline at (888) 404-4674. After creating your online profile and starting your application or calling the free hotline, you will be matched with a HUD-approved housing counseling agency who can help determine your eligibility for the programs and recommend the best solution for you.

Restoring Stability: A Save the Dream Ohio Initiative Programs

Restoring Stability: A Save the Dream Ohio Initiative programs are available statewide. They include:

  • Rescue Payment Assistance
    If you are facing a financial hardship and have already missed one or more mortgage payments, you could be at risk of foreclosure. Through the Rescue Payment Assistance program, Restoring Stability will provide a payment to your mortgage servicer to help bring you current on your mortgage. The payment could cover principal, interest, fees, delinquent taxes or escrow shortage and homeowners insurance. Rescue Payment Assistance may also be paid to a local government for delinquent property taxes. You will need to demonstrate your ability to make future mortgage payments for at least six months. Rescue Payment Assistance will be structured as a zero-interest, deferred payment loan that will be forgiven over five years, as long as you do not refinance or sell your home. If you do sell or refinance within five years, you will need to repay the loan from the net proceeds of the sale.

  • Mortgage Payment Assistance
    Many homeowners are unable to afford their mortgage payments due to unemployment or underemployment. The Mortgage Payment Assistance program can help support you and your family while you search for employment or a better job, participate in job training or seek other assistance. Restoring Stability will make your payment to your mortgage servicer for up to 15 months. Mortgage Payment Assistance is structured as a zero-interest, deferred payment loan that will be forgiven over five years as long as you do not refinance or sell your home. If you do sell or refinance within five years, you will need to repay the loan from the net proceeds of the sale.

  • Mortgage Modification with Contribution Assistance
    If you have severe negative equity on your home or if you have had a significant drop in income, you may not qualify for existing loan modification programs. The Mortgage Modification with Contribution Assistance program provides a payment to your mortgage servicer to reduce your mortgage principal in connection with a loan modification. The assistance provided by Restoring Stability is structured as a zero-interest, deferred payment loan, unless your servicer provides an equal amount of principal reduction. The Restoring Stability loan will be forgiven over five years, as long as you do not refinance or sell your home. If you do sell or refinance within five years, you will need to repay the loan from the net proceeds of the sale.

  • Transitional Assistance
    Staying in the home is not the best option for every homeowner. If you have exhausted all of your options for maintaining homeownership or if you need to relocate to gain meaningful employment, Transitional Assistance can help. The program offers relocation assistance payments to homeowners who complete a short sale or deed-in-lieu agreement as an alternative to foreclosure. These options reduce the negative impact on your credit rating and also reduce losses to your servicer. You must leave your property in broom-swept, sellable condition. If necessary, the plan may also make an incentive payment to a second lien holder to release other liens on the property.

  • Lien Elimination Assistance
    In some cases, your mortgage servicer may agree to cancel your loan for a lump sum payment rather than pursue foreclosure. To qualify for Lien Elimination Assistance, the servicer must agree to the release the lien and the homeowner must demonstrate the ability to stay current on any remaining liens attached to the property, property taxes and homeowner's insurance. Lien Elimination Assistance will be structured as a zero-interest, deferred payment loan that will be forgiven over five years, as long as you do not refinance or sell your home. If you do sell or refinance within five years, you will need to repay the loan from the net proceeds of the sale.
Homeowner Resources

The fact sheet below includes detailed information on the steps involved with the closing transaction associated with Restoring Stability: A Save the Dream Ohio Initiative. The sample documents are provided to help better prepare homeowners during this process.



 

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