Ohio's Hardest Hit Program: Save the Dream Ohio

Ohio's Save the Dream Ohio program helps struggling homeowners avoid foreclosure.

In 2010, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in the 18 states most affected by the housing market crash. As part of this program, Ohio received over $570 million to provide assistance to distressed homeowners facing foreclosure. Additional funding was approved in 2016.

The Save the Dream Ohio program, which was established using Hardest Hit Fund money, is designed to help homeowners stay in their homes and avoid foreclosure. (Learn about foreclosure procedures in Ohio.)

Save the Dream Ohio's Reinstatement Program

If you're eligible, you can get up to $25,000 to reinstate (get current on) a delinquent first mortgage under the Rescue Payment Assistance program.

Borrower Eligibility

To be eligible for Save the Dream Ohio assistance, you must meet the below general criteria.

  • Your total household income is $112,375 or less.
  • You must owe less than $432,500 on your mortgage.
  • If you filed bankruptcy, the bankruptcy can't be active.
  • You or your spouse were determined eligible for unemployment or disability benefits on or after January 1, 2014.

Home Eligibility Criteria

Additionally, your existing mortgage and the property securing the mortgage must meet the below criteria.

You might also have to meet other eligibility requirements. Check the Save the Dream Ohio website for current criteria.

How the Program Works

Assistance is provided in the form of a 0% interest, non-amortizing, forgivable loan secured by a junior mortgage that is recorded against your property. The mortgage balance is forgiven over a five-year period at 20% per year. At the end of five years, the loan is totally forgiven.

If you sell or refinance your home before the five years is up, you must repay any outstanding portion of the loan, but only if there are proceeds from the sale or refinance.

Servicer Participation

Servicer participation in the Save the Dream Ohio program is voluntary. To find out if your mortgage servicer is participating in the program, go to www.savethedream.ohio.gov, hover over "Learn More," and then click on "Servicer List."

For More Information

If you would like more information or if you have questions about the Save the Dream Ohio program, you can:

If you're behind in your mortgage payments and want to learn about different ways to avoid a foreclosure, consider talking to a foreclosure lawyer or a HUD-approved housing counselor.

Updated October 3, 2018

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