HELP IS HERE FOR HOMEOWNERS TRYING TO KEEP THEIR HOMES
Congresswoman Marcia L. Fudge
WASHINGTON, D.C. – October 11, 2010 – (RealEstateRama) — Lost your job, can’t keep up with mortgage payments? Starting today you might find relief from Ohio’s Restoring Stability Fund. Ohio will receive a total of $320million from President Obama’s Hardest Hit Fund to aid Ohioans struggling tokeep their homes. As a member of Congress, I’ve long advocated for targetedfunding to the hardest hit states, and was proud when the Hardest Hit Fund wasestablished. The President’s multi-pronged approach will help families keep their dreams, even in the midst of this recession.
The fund will be administered by the Ohio Housing Finance Agency. Ohioans out of work may receive as much in $15,000 in financial assistance to pay their mortgage. The assistance would go to the mortgageservicing company for late or current payments, reduce the loan balance or help a homeowner leave an unaffordable home.
I’m proud that this aid is not smoke and mirrors, it’s real change. Long before theforeclosure crisis made national news, our families were suffering. In 2007,Cleveland had the highest rate of foreclosures in the Nation. The state’s mandatory mediation program hashad a positive impact on reducing foreclosures, but that effort alone cannotcure all.
It’seasy to get help. You can apply one of two ways:
• Apply for Hardest Hit Fund assistance through the Ohio’s Save the Dream program at savethedream.ohio.gov or 1-888-404-4674.
• Or apply with an approved housing counseling agencies. A list of agencies can be foundon the Restoring Stability site. You may also contact United Way’s First Call for Help:2-1-1 for referrals.
To be eligible, Ohio homeowners must be at or below 115 percent of area medianincome. In Cuyahoga County that maximum income limit translates into $64,800for households with one or two people, and $74,520 for households with three orfour people.
For more information on the Restoring Stability program, please contact my office at (216) 522-4900.
*This content is an original post from Congresswoman Fudge’s real time blog at Cleveland.com.
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