In the two years since its inception an Ohio foreclosure prevention program has helped 7,459 homeowners in the state, according to the Ohio Housing Finance Agency.
The program, Restoring Stability: A Save the Dream Ohio Initiative, has disbursed $82.5 million on behalf of those homeowners.
Restoring Stability, which is administered by the Ohio Housing Finance Agency, prevents foreclosures by providing up to $25,000 per household to help homeowners make their monthly mortgage payments, become current on their mortgage payments, modify their existing loans, eliminate a lien or gracefully exit their home and avoid foreclosure.
“In just two years, OHFA has helped 7,459 unemployed and underemployed homeowners stay in their homes, making Ohio a leader among the 18 states participating in U.S. Treasury’s Hardest Hit Fund program,” said OHFA Executive Director Doug Garver.
“Ohio ranks third in the nation in terms of the funds distributed,” he said.
Restoring Stability was designed to assist Ohio homeowners with financial hardships such as unemployment, reduced wages, increased medical expenses or divorce.
Of the 7,459 homeowners who have received assistance through the program, 71 percent are currently unemployed and unable to qualify for most loan modification and foreclosure prevention programs.
OHFA was allocated $570.4 million from the U.S. Treasury’s Hardest Hit Fund to administer the Restoring Stability program.
Established to provide financial assistance to families in states most impacted by the downturn, Ohio was one of 18 states and the District of Columbia to receive a portion of $7.6 billion in Hardest Hit Fund assistance.
The Housing Finance Agency administers the program through agreements with more than 350 mortgage servicers and through partnerships with housing counseling agencies in every county.