In October of this year, the number of foreclosures in the state of Ohio reached 90 thousand; that’s 1 in every 350 residential housing units! Ohio’s foreclosure filings, including notices of default, foreclosure sale, and bank repossessions, have placed the state among the highest foreclosures in the United States. Additionally, RealtyTrac’s quarterly foreclosure market report last September shows that there was an approximate 20% increase in Ohio’s foreclosure rate from the previous quarter. The reason for the continuing foreclosure problems in Ohio is due to the rising unemployment rate in the state. To help homeowners keep their properties and restore stability to the housing market in the region, the Ohio Housing Finance Agency has launched a mortgage assistance program called Restoring Stability: An Initiative to Save the Dream of Ohio.

The Ohio Housing Finance Agency implements the various federal government mortgage assistance programs in your state, including Obama’s Making Home Affordable: Hardest-Hit Fund. If you are a homeowner who is having difficulty keeping up with your monthly mortgage payment or has already fallen behind on your payment, the program will provide financial subsidies for families experiencing temporary and permanent financial hardship. The Ohio Housing Finance Agency has received a budget of more than $550 million to fund the various loan modification and home refinancing programs, and other foreclosure prevention plans proposed by the OHFA.

Restoring Stability: An initiative of Save the Dream Ohio includes: Rescue Payment Assistance, Partial Mortgage Payment Assistance, Principal Reduction Modification Assistance, and Transition Assistance.

• Bailout Payment Assistance provides incentives to mortgage lenders and servicers to help Ohio homeowners modify delinquent loans.
• Partial Mortgage Assistance pays part of an unemployed homeowner’s mortgage while they look for a steady job.
• Principal Reduction Modification Assistance provides incentives to mortgage lenders and servicers who are successful in reducing a homeowner’s loan principal in this way; making the monthly mortgage more affordable.
• Transitional Assistance provides incentives to lenders and servicers that can help a troubled homeowner proceed with a short sale and deed-in-lieu agreement right away.

Apply for any Ohio Restoration of Stability program immediately if you are at risk of receiving a foreclosure notice. The Save the Dream Ohio program offers assistance to homeowners who have previously been disqualified from government mortgage assistance programs. For more information on Restoring Stability: An Initiative to Save Ohio’s Dream, visit http://www.ohiohome.org/homebuyer/hardesthit.aspx or call them at 888-404-4674. In addition to loan modification services, OHFA provides advice about your money, your mortgage, other foreclosure options, foreclosure recovery, etc. If you have questions, ask any HUD-approved counselor at any of the OHFA offices near you.