Helping Those Hardest Hit

Eonomic conditions over the past few years have affected many Americans causing them to become unemployed or underemployed.  If you are worried you might be a victim of foreclosure or mortgage default, the following organization is located in Cleveland, OH to help:

With this being said, itStressed Out Businessman, 09-27-12 is no surprise that some homeowners have gotten behind on their mortgage payments. Restoring Stability, also known as Hardest Hit Funding is a federally-funded program committed to provide assistance to those currently drawing unemployment compensation to prevent the foreclosure of their homes within the state.

The fund was created in February 2010 by an endowment from the U.S. Department of Treasury under the Emergency Economic Stabilization act of 2008. The state of Ohio has been awarded $320 million, to be administered by the Ohio Housing Finance Agency (OHFA) to help 26,000 families who are at high risk of mortgage default or foreclosure.  

Through this initiative, the state has created four programs to assist homeowners suffering from temporary or permanent underemployment or unemployment.  These four programs aim help individuals facing financial woes prevent foreclosure or gracefully exit their homes in a way to avoid severe damage to their credit rating.

Ohio's Hardest Hit Fund program called Restoring Stability has four components:

  • Rescue Payment Assistance Program will provide a payment to the mortgage lender to help delinquent borrowers become current on their first mortgage.
  • Partial Mortgage Payment Assistance Program will provide up to 15 months of assistance for unemployed homeowners while they search for a job or participate in job training.
  • Modification Assistance with Principal Reduction Program will provide an incentive payment matched by an investor to reduce the mortgage principal balance so a loan modification may be possible.
  • Transitional Assistance Program will provide an incentive payment to the mortgage servicer and homeowner to assist with short sale (in which a house is sold and the lender agrees to accept less than what's owed on the mortgage) or deed-in-lieu (in which the homeowner gives title to the lender and the mortgage is canceled) agreements to help homeowners exit their homes gracefully.

If you are interested in applying for assistance from the Hardest Hit Fund, contact and intake specialist at NHS of Greater Cleveland at (216) 458-4663, or you can apply online by going to the website http://www.restoringstability.org/ and clicking “Start Now.”

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