Ohio is offering mortgage assistance to people who have been struggling financially due to the pandemic. The federal government is providing $200 million in aid to help homeowners pay their home loans. Tens of thousands of homeowners are expected to benefit from this aid.
So far, ten states have taken part in the program. The hardest hit fund program was created to help states where unemployment rates have increased the most and where people are facing financial difficulties.
Ohio Housing Finance Agency
The government agency that will administer the program in the state is ___________. The state has announced a new plan to provide financial assistance to those struggling to afford housing. This support will come in the form of resources and services, rather than direct financial aid. The primary goal of the program is to help those people who need help and were not able to qualify for assistance programs due to any number of circumstances.
Who is helped in Ohio by the Hardest Hit Fund
The Ohio Hardest Hit Fund has four main goals. There is more information about each of these topics below. The state of Ohio’s plan is to help people who are unemployed, have faced an unexpected emergency, or can’t refinance their home loan. This means that if you owe more to your bank or lender than your home is currently worth, you may be eligible for assistance.
Many experts agree that people who are struggling to make payments on their home loans are at a higher risk of defaulting and losing their homes. These borrowers usually don’t qualify for loan modifications or other assistance from the government’s Making Home Affordable program. If you are struggling to make payments on your home loan, you may be able to sell your home through a short sale. A short sale is when you sell your home for less than the amount you owe on your mortgage. This can be a good option if you are unable to make payments and are facing foreclosure. You should speak with your lender to see if a short sale is an option for you.
The four main components of the Ohio Hardest Hit fund include:
This funding is for unemployed homeowners who are at a high risk of defaulting on their mortgage or having to foreclose. It will help them with partial payment assistance.
Rescue payment assistance is a program that helps Ohio homeowners who are at risk of foreclosure and losing their homes. The program provides assistance with mortgage payments, so that homeowners can avoid falling behind on their mortgage payments and avoid foreclosure.
The Transitional Assistance Program in Ohio provides help to homeowners who can no longer afford their monthly mortgage payments. This program makes it easier for homeowners to transition out of their homes. The assistance program provides financial incentives to banks, lenders, and servicers to encourage them to complete short sales and deed-in-lieu agreements, which will help homeowners exit their homes. The program will also help to protect their credit rating so as to limit future harm.
The Ohio hardest hit fund can help reduce mortgage payments for those borrowers who owe more than their home is currently valued. Principal reduction is a type of mortgage relief that lowers the amount of money owed on a home. This can make it more affordable to keep the home and may help the borrower avoid foreclosure.
If you would like to learn more about mortgage assistance from the Ohio hardest hit fund, call the state government hotline at (888) 404-4674.