Are You Eligible for Restoring Stability Assistance?
If you are a homeowner who has suffered a financial hardship, you may qualify for up to $25,000 to help you catch up on your mortgage payments, make reduced payments while you search for employment or transition out of your home. You can qualify for Restoring Stability assistance whether you are current on your mortgage payments, behind on your payments, or in active foreclosure. Restoring Stability requires that homeowners meet a few basic eligibility criteria.
To Learn whether you might be eligible, answer these questions:
1. Is your home your primary residence?
2. Is your home less than four units, or a condominium?
3. Is the amount you owe on your first mortgage equal to or less than $432,500?
4. Have you suffered one of the following financial hardships, making it difficult for you to afford your mortgage payments: loss of or reduction in income, divorce, disability, death of a primary contributor to household income, or a significant increase in medical expenses? Are you currently collecting unemployment benefits or have exhausted benefits in the past 12 months?
5. Do you have six months or less of monthly mortgage payments, including principal, interest, taxes, and insurance? (example: If principal +interest + taxes + insurance = $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).
6. Do you have one of the following?:
- An active bankruptcy
- A previous bankruptcy that has not been discharged
7. Have you been convicted of theft, forgery, fraud, tax evasion, or related crimes within the last 10 years?
If you answered "Yes" on questions 1-5, and "No" on questions 6 and 7, you MAY be eligible for assistance from Restoring Stability. Your housing counselor can help determine which Restoring Stability program is right for you.
If you do not qualify for Restoring Stability or none of the Restoring Stability programs is right for your situation, you may still work with a housing counselor to determine whether you are eligible for another foreclosure prevention program, such as Making Home Affordable.
Every homeowner's situation is unique. Restoring Stability has made every effort to streamline eligibility and processes in order to provide assistance to homeowners quickly and efficiently. However, the uniqueness of each homeowner's situation and the newness of the program mean that homeowners should not expect to receive Restoring Stability assistance immediately. The length of the process largely depends on how quickly you complete your application and submit all required documents and how quickly your lender provides an answer to Restoring Stability regarding your participation in the program.
For more information about how long the Restoring Stability process takes and what you can do to speed it up, see the Restoring Stability Frequently Asked Questions.
Copyright © 2010 - 2011, Ohio Housing Finance Agency, All Rights Reserved | Powered by CounselorDirect®