Save The Dream Ohio has just begun to offer up to $5,000 for relocation assistance. This process is entirely separate from the short sale process with your lender, but you are required to have one currently going on. See more details below:
Distressed Ohio Homeowners May Qualify for the Transition Assistance Program (TAP)
If your financially distressed Ohio clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.
The Ohio Housing Finance Agency (OHFA) administers the state’s leading foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.
The State of Ohio is making this transition assistance available to qualified homeowners who may be eligible to receive up to $5,000 to assist with their relocation. You can help by advising your distressed clients that they must:
· Apply for the funds while actively engaged in a short sale or a deed in lieu but before they complete the transaction.
· Maintain their property until their house is sold or returned to the lender as negotiated.
For those who qualify, Restoring Stability funds would be in addition to any transition assistance the homeowner may receive as a result of participation in the Home Affordable Foreclosure Alternatives (HAFA) program or any other pre-offer short sale program.
To find out more about the Restoring Stability program and how your homeowners may qualify, visit http://www.savethedream.ohio.gov/ or call1.888.404.4674 and identify themselves as a Bank of America customer.