If you are in 1 of 18 states, APPLY BY APRIL 30, 2014 for the Hardest Hit Funds. 100% free. Gradually reducing mortgage forgiveness over five years.
What states are eligible?
Early in 2010, the Treasury announced that the Hardest Hit Fund(R) ("HHF") would provide more than $7.6 billion in aid for homeowners in states hit hardest by the economic crisis. Since then, state housing finance agencies have used the fund to develop programs that stabilize local housing markets and help families avoid foreclosure. HHF programs complement the federal Making Homes Affordable ("MHA") but are not limited to homeowners eligible for MHA. Those 18 states plus the District of Columbia are: o Alabama o Arizona o California o Florida o Georgia o Illinois o Indiana o Kentucky o Michigan o Mississippi o Nevada o New Jersey o North Carolina o Ohio o Oregon o Rhode Island o South Carolina o Tennessee o Washington D.C.
How is the funding administered?
The Ohio Housing Finance Agency (OHFA) administers Ohio's foreclosure prevention program for homeowners who are at high risk of default or foreclosure. Ohio was allocated $570.4 million from the US Dept. of Treasury's HHF to implement Restoring Stability: a Save the Dream Ohio initiative. http://savethedream.ohio.gov/programs.aspx. Developed by the State of Ohio, the comprehensive program aims to assist homeowners with financial hardships, including unemployment reduced wages or hours, death of a spouse, increased medical expenses or divorce. Other states receiving HHF funds have similar programs.
What is the Restoring Stability Program?
Restoring Stability offers the following programs to help homeowners: o rescue payment assistance brings the homeowner current on his or her delinquent mortgage; o mortgage payment assistance provides up to 18 months of mortgage payments (not solely for medical hardship); o mortgage modification with contribution assistance reduces delinquent and or principal balances to help homeowners qualify for an affordable loan modification; o transitional assistance provides an alternative to foreclosure by offering relocation assistance (up to $7,500) in connection with an approved short sale or deed in lieu of foreclosure; and o lien elimination assistance provides a payment to extinguish the homeowners mortgage loan.
Who is eligible?
The eligibility requirements are as follows: o a verifiable financial hardship since January 1, 2007 (i.e. involuntary loss of income, reduction in wages or hours, divorce, disability, death of a family member, illness -- sustained for at least 60 days, or significant out-of-pocket medical expenses exceeding 7.5% of gross annual income up to 2013, and 10% for 2013 and 2014); o household income of less than 115% of the county area median income which in Ohio is at or below $112,375; o The amount you owe on your home must be less than $432,500; o You may not be in an active bankruptcy; o You may not have been convicted of a crime (felony larceny, theft, fraud, forgery, money laundering, tax evasion) related to a real estate transaction in the past 10 years; o Your home must be a 1-4 unit, single-family home or a condominium; o The home must be your primary residence unless you are seeking assistance with a short sale or deed-in-lieu of foreclosure; o If your home is mobile or manufactured, it must be titled as real estate; and, o Liquid assets - NO CAPS!
What do I have to do?
All you have to do is to apply by April 30, 2014 and to stay in your home for five years. The program sets up a five-year actual mortgage on the real property. Every year that you keep the home, 20% of the balance is forgiven so that at the end of the five-year term, the mortgage is released. The reasoning behind this gradually reducing mortgage is so people keep their homes.
Give me a few examples of how this works
A divorced teacher earning $50,000 per year was behind on her mortgage. Since she had been divorced since January 1, 2007, her household income had been involuntarily reduced for more than a sixty day period. A preacher in a poorer church had financial problems himself and the HHF funds paid off his remaining $12,000 mortgage. An older couple with a grown disabled daughter had their mortgage of $22,000 forgiven. The wife had been injured while volunteering and the local judge did not want the county to be liable so she lost the ability to pay her medical bills in a lawsuit. She had involuntarily lost her income when she was hurt. Another man had serious medical bills and was able to have his real estate tax arrears paid. He did not have a mortgage. Another man with cancer was able to have his mortgage paid for 18 months due to his involuntarily loss of income. These were just a few of my clients that I referred to this program. Every one of them received these funds without costing them a dime.
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