Substantial changes are being made to Ohio's Foreclosure Prevention Program. Stop by our office to learn more and see how you may be affected.
Read the major changes below, or click here for the press release in its entirety.
Administered by OHFA, the Restoring Stability program helps homeowners with financial hardships including unemployment, reduced wages or hours, death of a spouse, increased medical expenses or divorce. Under the recent changes, more unemployed and underemployed Ohioans may be eligible for mortgage assistance.
Other changes to the program 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; and
- Homeowners who are unemployed and underemployed may receive full mortgage payments for up to 15 months or $20,000.