Are you struggling to make your mortgage payments? If so, you’re not alone. Millions of Americans across the country have found themselves in similar situations during this challenging economic climate. Fortunately, options are available for mortgage relief, and one such option is Save the Dream Ohio. In this blog post, we’ll provide an overview of what Save the Dream Ohio is and how it compares to other mortgage relief programs in Ohio. We’ll also discuss what happens if you don’t qualify for these programs and explain how we at Mortgage Relief can help.
What is Save the Dream Ohio?
Save the Dream Ohio is a program managed by the Ohio Housing Finance Agency (OHFA), which was created to assist homeowners who are struggling with their mortgages due to job loss or income reduction caused by COVID-19. The program provides grants of up to $50,000 to eligible homeowners who have experienced financial hardship as a result of the pandemic.
These grants can be used to pay past due mortgage payments and continue making payments until they get back on their feet financially. The grant amount will vary depending on an individual’s need and eligibility requirements, such as household size, income level, and loan type.
How Does It Compare To Other Mortgage Relief Programs in Ohio?
Save the Dream Ohio is one of several mortgage relief programs offered by OHFA that are designed to help struggling homeowners in different ways. For example, HomeAgainOhio allows homeowners who have suffered a financial hardship due to COVID-19 to receive up to $30,000 in assistance for past due home loan payments over 24 months or less. HomeSaverOhio helps unemployed borrowers catch up on missed payments when they become employed again. HomeStayOhio helps delinquent borrowers stay current on their mortgage payments when their income has been affected by COVID-19 but isn’t enough for them to keep up with their monthly installments without assistance from OHFA’s program.
Each of these programs has its own set of eligibility criteria that must be met before an applicant can receive any grants or funds from OHFA’s programs. All applicants must meet specific basic requirements, such as being a homeowner in good standing with OHFA prior to March 1st, 2020; having experienced a financial hardship related to COVID-19, and must not have received funds from any other state or federal housing assistance programs within the last 12 months.
What Happens if You Don’t Qualify?
If you don’t qualify for grants from Save the Dream Ohio or any of OHFA’s other mortgage relief programs, then you may be at risk of foreclosure if you cannot find another way to pay off your mortgage debt quickly and affordably. One way that many people use when facing foreclosure is a short sale transaction facilitated by professionals like us at Mortgage Relief. We specialize in helping people navigate this complicated process quickly and effectively so that they can avoid foreclosure altogether. A short sale involves selling your home quickly for less than what you owe on the mortgage so that you can clear your debt without having to go through foreclosure proceedings. This process can also help you rebuild your credit score much faster than if you had gone through with a foreclosure, allowing you access to better interest rates on future loans.
Save the Dream Ohio is one option among many for those seeking mortgage relief during this difficult time, but it’s important for borrowers who do not qualify for grants from this program or any other state or federal housing assistance programs to know that there are alternatives available. In the case of a pending foreclosure you’re able to utilize other options like short sales facilitated by experts like us. We specialize in helping people navigate these processes quickly and effectively so that they can avoid foreclosure altogether.
A successful short sale transaction could even help them rebuild their credit score much faster than if they had gone through with a foreclosure, allowing them to access better interest rates on future loans sooner rather than later! Additionally, seeking professional guidance throughout this process could make it easier and less stressful while ensuring that no detail goes overlooked, which could lead ultimately lead them toward finding more sustainable solutions going forward!