The four main components of the Ohio Hardest Hit fund include:
-Receive partial home loan/mortgage payment assistance: This funding will help unemployed homeowners who generally have not been eligible for a loan modification, either from the federal government or a bank, and are a high risk of mortgage default or filing a foreclosure.
-Rescue payment assistance: To help Ohio homeowners who have already been late on or who have missed one or more mortgage payments and are at a high risk of foreclosures and losing their homes.
-Transitional assistance program: Homeowners in Ohio who can no longer sustain their monthly mortgage payments, even without aid, can receive help from this option to make the transition out of their home easier. The assistance program offers incentives to banks, lenders, and servicers to complete short sales and deed-in-lieu agreements to help homeowners exit their homes. The program will also limit the impact on their credit rating so as to limit future harm.
-Loan modification assistance with principal reduction: The Ohio hardest hit fund can help land loan modifications for those borrowers who cannot afford their current mortgage payment but owe more than their home is currently valued. Click here for more on principal reduction.
If you would like to learn more, to to apply for mortgage assistance from the Ohio hardest hit fund, call the state government hotline at (888) 404-4674.