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On September 27, 2010, the
State of Ohio launched Restoring Stability: A Save the Dream Ohio
Initiative, to provide additional assistance to homeowners seeking
to avoid foreclosure. This program includes a variety of assistance
options to help homeowners with a temporary or permanent reduction
in income. Even if you have been unable to qualify for a loan
modification or foreclosure prevention programs in the past,
Restoring Stability may be able to get you the assistance and
support you need during a difficult financial time.
If you are a homeowner who has
suffered a financial hardship, you may qualify for $22,500 to $25,000, to catch you
up on mortgage payments, make reduced payments while you search for
employment or even transition
out of your home. Restoring Stability requires that homeowners meet
a few basic eligibility criteria.
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To qualify for Restoring Stability,
you must answer "yes" to the following questions: |
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1. |
Is your home your primary
residence? |
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2. |
Do you live in a house,
duplex, single-family house with four or few units, or a
condominium? |
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3. |
Is the amount you owe on your
first mortgage equal to or less than $432,500? |
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4. |
Have you suffered one of the
following financial hardships, making it difficult to
afford your mortgage payments: loss or reduction
in income, divorce, disability, death of a primary
contributor to household income, or a significant
increase in medical expenses? |
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5. |
Do you have six months or
less of monthly mortgage payments, including principal,
interest, tax, insurance, and association fees in liquid
assets? (Example: If principle + interest + taxes
+ insurance + association fees = $1,500, the homeowner
must have $1,500 x 6 = $9,000 or less in liquid assets.
Liquid assets include cash in checking and savings
accounts but excludes retirement accounts.) |
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You
are ineligible for Restoring Stability if you can answer "yes" to the following questions: |
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1. |
Do you have
an active bankruptcy? |
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2. |
Have you been convicted of theft,
forgery, fraud, tax, evasion, or related crimes within
the last 10 years? |
If you do not qualify for Restoring Stability, you may still work
with one of our counselors to determine whether you are eligible for
another foreclosure prevention program. If
you are interested in Restoring Stability or other foreclosure
prevention programs, contact the Medina County Auditor's Office at
one of the numbers below or visit our
Foreclosure Prevention page.
Medina: 330-725-9137
Brunswick:
330-225-7100, ext. 9137
Wadsworth:
330-336-6657, ext. 9137
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