1. Restoring Stability: A Save the Dream Ohio Initiative Ohio Hardest-Hit Fund

2. Ohio Award: $570.4 Million to prevent foreclosure
Program launched September 27, 2010.
Ohio received over $570 million from the U.S. Department of Treasury’s Hardest-Hit Fund (HHF) program in three funding rounds.
6,027 homeowners have been assisted through May 31, 2012
More than $60 Million in HHF assistance paid to servicers
Ohio is one of 18 states receiving funds in the HHF program. 2

3. Ohio HHF Programs:
Maximum HHF amounts per borrower (combined assistance may not exceed $25,000)
Rescue Payment Assistance: up to $25,000
To bring delinquent mortgages and delinquent property tax current
Mortgage Payment Assistance: up to $20,000
Up to 15 months of mortgage payments for qualified homeowners
Additional $5,000 reserved for payment changes
Mortgage Modification with Contribution
Assistance: up to $25,000
Reduces delinquent and/or principal balances to help homeowners qualify for an affordable loan modification 3

4. Ohio HHF Programs: Lien Elimination Assistance: up to $25,000
Lender agrees to accept funds, mortgage lien is released with no deficiency judgment
Transition Assistance: up to $7,500
Provides an alternative to foreclosure by offering relocation assistance in connection with an approved short sale or deed-in-lieu
$5,000 for first lien
$2,500 for second lien
$4,000 payment to homeowner, $1,000 incentive payment to servicer, if Servicer waives, $5,000 to homeowner

5. Rescue payment assistance for delinquent property tax purpose
To help homeowners avoid foreclosure or tax certificate sale by providing HHF funds to bring delinquent property tax current.
Description of Delinquency
Homeowners must be 12 months or more behind on their property tax to qualify for assistance. The rescue payment will include the past due tax amount and also include the current tax due, bringing the property tax current.
Property tax liens held by a third party collection service are not eligible for payment
Maximum Benefit
A one-time rescue payment up to $25,000 to bring the property tax current.

6. Applying for Restoring Stability Funds
Homeowners must apply for the Restoring Stability program
Three ways to apply:
Register online at
Call the Save the Dream Ohio Hotline ( )
Go directly to a HUD-approved Housing Counseling Agency participating in Restoring Stability (HHF)

7. Restoring Stability Application Process
Homeowner registers for Restoring Stability online, by phone or with housing counselor
Housing counselors work with homeowner to develop a Restoring Stability (HHF) Action Plan and gather documents for a complete application
OHFA reviews and approves eligibility and Restoring Stability (HHF) Action Plan and notifies Servicers of Approved Borrower through common data exchange
Servicers provide loan level information, accept reinstatement and full mortgage payments from OHFA on behalf of eligible borrowers
Servicers can decline borrower participation based on good reason
OHFA arranges loan closing and funding 7

8. Restoring Stability Homeowners Assisted

9. Restoring Stability Statistics
Date
Registrations/Month
Submissions to Underwriting
Pull Through Rate
Homeowners Assisted
Approval Rate
May-11
1,753
402
23%
344
86%
Jun-11
3,382
508
15%
535
105%
Jul-11
4,429
551
12%
356
65%
Aug-11
2,870
730
25%
542
74%
Sep-11
2,398
621
26%
412
66%
Oct-11
2,692
531
20%
470
89%
Nov-11
2,100
597
28%
322
54%
Dec-11
1,986
497
218
44%
Jan-12
2,557
601
24%
238
40%
Feb-12
1,959
743
38%
361
49%
Mar-12
2,097
686
33%
499
73%
Apr-12
2,204
649
29%
490
76%
12-May
2,174
726
516
71%

10. Cumulative Assistance by Program