Save the Dream Ohio Programs
Types of Financial Assistance
After a homeowner completes an application, approved housing counselors work with homeowners to develop individual action plans that may include one or more of the following programs:
- Rescue Payment Assistance: a lump sum payment up to $25,000 to a mortgage servicer to bring the first mortgage current.
- Mortgage Payment Assistance: up to $22,000 or 18 months of full mortgage payments on behalf of unemployed or underemployed homeowners.
- Modification with Contribution Assistance: a lump sum payment up to $25,000 to reduce the principal balance on a homeowner's mortgage to make it more affordable.
- Lien Elimination Assistance: a lump sum payment up to $25,000 to extinguish a first mortgage lien.
- Homeowner Retention Assistance: payments totaling up to $25,000 to reduce or eliminate delinquent second mortgages, property taxes and/or association fees.
- Transition Assistance: payment up to $7,500 to the homeowner for relocation in connection with an approved short sale or deed in lieu of foreclosure.
Some homeowners may qualify for up to $25,000 for a single program or up to $35,000 for more than one program. All homeowners, except those receiving Transition Assistance, must execute a subordinate mortgage for the amount of assistance. The subordinate mortgage balance will be forgiven over five years.