Save the Dream Ohio Update on Ohio’s Foreclosure Prevention Effort

Save the Dream Ohio Programs Rescue Payment Assistance Mortgage Payment Assistance Mortgage Modification with Contribution Assistance Lien Elimination Assistance Transition Assistance Homeownership Retention Assistance Homeowner Stabilization Assistance

Eligibility Requirements Minimum Eligibility Income – The current gross household income must be equal to or less than 125 percent of the area median for a 5-person family from the county with the highest area median in Ohio, currently $112,375 Eligible property includes: 1-4 units, condominiums and manufactured housing if titled as real estate Maximum first mortgage amount cannot exceed $432,500. Program Eligibility Additional eligibility criteria such as sustainability may apply to each program.

Hardship Requirements Hardship Criteria: Hardship due to involuntary unemployment or 10% loss or reduction in income; Homeowner must meet minimum eligibility requirements regarding bankruptcy, occupancy, income, home type, and first mortgage debt Significant medical expenses of 7.5% of gross annual income for all unreimbursed expenses accrued prior to 2012 and 10% of gross annual income for all unreimbursed expense accrued after 2012 (excluded from Mortgage Payment Assistance) and; Relocation for employment that meets the requirements of IRS Publication 521 which states “the new main job is at least 50 miles farther from former residence than old main job (included in Transition Assistance only). The hardship must have occurred on or after January 1, 2007.

Amount of Assistance Homeowners may participate in two or more programs and are subject to the maximum assistance amount of $35,000 per household; The maximum assistance per program ranges from $7,500 for Transition Assistance to $35,000 for Mortgage Modification with Contribution Assistance Assistance is in the form of a zero interest forgivable second mortgage All payments are made to mortgage servicers, except for Transition Assistance More than 400 servicers are participating in Save the Dream Ohio

10,115 Homeowners Assisted 3/31/13

Assistance by Program

Distribution of Assistance Save the Dream Ohio has assisted homeowners in every Ohio county

Program Results 6,920 homeowners have completed receiving assistance through Save the Dream Ohio Of those 6,920 homeowners, 36 (0.5%) have lost their homes through a sheriff’s sale. Foreclosure complaints are pending on 795 (11.5%) of the homeowners who completed SDO assistance. Save the Dream appears to have an 88.5% rate of success in preventing mortgage foreclosure.

Status of Funding 5/31/13 Ohio Hardest Hit Funds estimate Ohio Allocation $ 570,400,000 Administration $ 70,415,000 Program Funds $ 499,985,000 Disbursed by 5/31/13 $ 134,571,000 Reserved/Committed $ 96,589,000 Funds available $ 268,825,000