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Foreclosure Taskforce Community Update

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on 7 April 2014

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Transcript of Foreclosure Taskforce Community Update

Save the Dream Ohio Programs Continued
Modification with Contribution Assistance:
 a lump sum payment up to $35,000 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.

Foreclosure Taskforce Community Update
FHRC Client Statistics Continued
31% of all clients counseled by FHRC are foreclosure clients

Foreclosure caseload remains high despite reports of foreclosure filings being reduced
New Foreclosure Filings
Save the Dream Ohio
Financial assistance program available to Ohio homeowners

Can assist homeowners with up to maximum of $
to assist in preventing foreclosure

of FHRC’s clients have been approved and received funding under the Save the Dream Ohio Program

Total Amount of funding: $2,797,000
Save the Dream Ohio Programs
Multiple Programs Available

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
FHRC Client Statistics
Save the Dream Ohio Programs Continued
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
Save the Dream Ohio Ending
Homeowners can register for Save the Dream Ohio by visiting

New Homeowner registration for the Save the Dream program ends on April 30th, 2014

FHRC will not be able to submit any new applications for review after July 31, 2014

FHRC receives funding for Foreclosure Prevention Counseling from two programs: Save the Dream Ohio and National Foreclosure Mitigation Counseling Round 8 (NFMC)

NFMC funds are expected to end Dec 31, 2014 and are not expected to renew

With both Save the Dream Ohio and NFMC funding ending, FHRC will have
funding for our Foreclosure Prevention Program
Full transcript