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Since it was founded in 2008, Save the Dream Ohio has been serving homeowners by providing real foreclosure assistance to residents throughout the state. Save the Dream Ohio is the state’s premier mortgage assistance program, helping thousands remain in their homes through various plans.
One such program, Restoring Stability: A Save the Dream Ohio Initiative, was launched in 2010 to help even more homeowners qualify for mortgage assistance. This program is more flexible and may provide help to people who previously did not qualify for mortgage assistance in Ohio. This plan may be used with other programs for assistance up to the maximum household benefit amounts allowed by the plans. Restoring Stability: A Save the Dream Ohio Initiative offers:
- Mortgage modification with Contribution Assistance: The program will pay funds directly to the lender to decrease the principal and lower interest rates. This is considered a 0% interest loan and will be forgiven in five years if the homeowner stays current on mortgage payments and does not sell the property.
- Mortgage Payment Assistance: This plan offers to pay the lender directly the amount of payment due each month while the homeowner seeks employment for up to 15 months. It is an interest free loan, forgiven in five years as long as the homeowner does not move or sell the home.
- Lien Elimination Assistance: This program offers a mediator between banks and homeowners to negotiate and pay a lump sum settlement, with the balance forgiven, to bring the mortgage up to date. An interest free loan, this loan will be forgiven in five years if the homeowner stays current on payments and keeps the property.
- Rescue Payment Assistance: For the homeowner who has missed one or more payments, this loan will pay the lender to bring the mortgage current. The homeowner must show that he is able to pay the mortgage for at least six months to qualify. The loan is at 0% interest and will be forgiven provided the homeowner remains in the home and doesn’t sell it.
- Foreclosure mediation: Save the Dream Ohio offers assistance for court related foreclosure mediation.
Save the Dream Ohio offers help for renters as well. The victims of foreclosed properties, renters may often have to move as well when the property is sold. The program offers unique affordable housing locator tools and links to many resources to help them understand their rights as a renter in Ohio. The Affordable Rental Housing Initiative encourages investors to demolish and rebuild condemned homes for use as rental properties.
Save the Dream Ohio conducts research throughout the state to find more solutions to the housing crisis and launches many programs offered to youth and the homeless. Offering daily mortgage news, events and articles, this program is designed to help homeowners avoid scams and risky refinancing schemes and provides real solutions to the victims of the housing crisis.
Ohio residents who fall behind in their mortgage payments or who are facing foreclosure can find all the help they need at www.savethedream.ohio.gov.
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