Frequently Asked Questions for Restoring Stability: A Save the Dream Ohio Initiative (Ohio s Hardest-Hit Fund)

Transcription

1 Frequently Asked Questins fr Restring Stability: A Save the Dream Ohi Initiative (Ohi s Hardest-Hit Fund) General Prgram Questins What is Restring Stability: A Save the Dream Ohi Initiative (Ohi s Hardest-Hit Fund)? Hw much assistance is available t help each hmewner? Hw will Restring Stability help hmewners in Ohi? Will the hmewner have t pay back Restring Stability assistance? Can hmewners qualify fr mre than ne Restring Stability prgram? What assistance is available t hmewners wh dn t qualify fr Restring Stability? Hw many peple will be assisted thrugh Restring Stability? I have a questin r cmment abut Restring Stability? Wh d I call? Eligibility Questins Wh is eligible fr Restring Stability? Is Restring Stability limited t hmewners wh are unemplyed? Is Restring Stability available t peple wh are current n their mrtgage? Is Restring Stability available t peple wh have received a ntice f freclsure? Am I eligible fr Restring Stability if my lan has previusly been mdified? Hw d I knw if I make t much mney t qualify fr Restring Stability? Applicatin Questins Hw d hmewners apply fr Restring Stability? I applied nline. Nw what? Why d I have t disclse my persnal infrmatin? Hw lng will it take fr me t get assistance? Is there anything I can d t speed up the applicatin prcess? Wh will cntact me during the Restring Stability applicatin prcess? After I applied, I gt a freclsure ntice frm my cunty clerk f curts. What shuld I d? After I applied, my incme changed. What shuld I d? What shuld I d if I have cmpleted the registratin prcess nline r ver the phne and have nt received a call frm a husing cunselr at a cunseling agency? My cunselr says he/she has submitted my applicatin t OHFA fr underwriting/verificatin. What des that mean? Hw d I find ut the status f my applicatin? What are reasns why my applicatin might get rejected? My applicatin was declined. Can I appeal this decisin? Participant Questins Wh d I call if I have questins after clsing n a lien fr assistance? I just clsed n my subrdinate lien fr Restring Stability assistance. When des the assistance begin? I am receiving Mrtgage Payment Assistance, and I just gt a jb! What shuld I d nw? What happens if I d nt tell Restring Stability if I get reemplyed while receiving Mrtgage Payment Assistance?

2 I am abut t run ut f Mrtgage Payment Assistance, but I am still unemplyed. What shuld I d? I have decided t sell r refinance my hme, and it has been less than five years since I received Restring Stability assistance. D I have t ntify Restring Stability? I received Restring Stability assistance previusly and I did nt use my entire benefit amunt. Nw I have a new financial hardship. Can I get mre assistance frm Restring Stability? Hw des Restring Stability assistance affect my tax liability?

3 General Prgram Questins What is Restring Stability: A Save the Dream Ohi Initiative (Ohi s Hardest-Hit Fund)? The Husing Finance Agency Innvatin Fund fr the Hardest-Hit Husing Markets gave 18 states including Ohi via the Ohi Husing Finance Agency (OHFA) the pprtunity t develp innvative prgrams t help hmewners avid freclsure. Restring Stability must satisfy funding requirements under the Emergency Ecnmic Stabilizatin Act f 2008 (EESA). Mre infrmatin abut the natinal initiative may be fund at Hw much assistance is available t help each hmewner? Restring Stability currently ffers up t $25,000 f assistance fr eligible hmewners. An Actin Plan apprved by OHFA will determine the actual amunt f assistance paid t a mrtgage servicer n behalf f each hmewner. The actual amunt f assistance a hmewner may receive is based n the prgram(s) in which the hmewner participates. N funds are paid directly t hmewners. Hw will Restring Stability help hmewners in Ohi? Restring Stability has five prgram ptins t address the needs f hmewners with financial hardships wh have been unable t qualify fr existing lan mdificatin and freclsure preventin prgrams. Hmewners may qualify fr ne r mre types f assistance. Rescue Payment Assistance This prgram prvides a payment t a participating hmewner s mrtgage servicer t help bring the hmewner current n his r her delinquent mrtgage. The payment culd cver principal, interest, fees, delinquent taxes r escrw shrtage, and hmewners insurance. Participating hmewners must demnstrate the ability t make future payments r participate in Mrtgage Payment Assistance fr at least six mnths. Mrtgage Payment Assistance This prgram supprts unemplyed hmewners wh have a mnthly mrtgage payment that exceeds 20 percent f the husehld grss mnthly incme by prviding full mrtgage payments. This prgram als is available t underemplyed hmewners wh have a mnthly mrtgage payment that exceeds 31 percent f the husehld grss mnthly incme. Underemplyed hmewners must have experienced an invluntary lss r reductin f at least 10 percent f incme. Restring Stability will pay the hmewner s full mnthly mrtgage payment directly t the hmewner s mrtgage servicer fr up t 15 mnths r $20,000. Mdificatin with Cntributin Assistance Prgram This prgram prvides funds t mrtgage servicers n behalf f hmewners t help them qualify fr a permanent affrdable HAMP r in-huse mdificatin. Assistance may be used fr delinquent mrtgage payments, third party fees, delinquent prperty taxes, r principal reductin. Lien Eliminatin Assistance This prgram will prvide funds t extinguish the existing first lien and attempt t extinguish any secnd liens n the prperty up t the maximum benefit. Assistance is subject t apprval by the servicer. Transitinal Assistance - This prgram ffers an incentive t servicers and secnd lien hlders t cmplete shrt sales and deed-in-lieu agreements, extinguish all remaining debt and t help hmewners exit their hmes gracefully. Transitinal Assistance als prvides a payment t participating hmewners t leave the prperty in gd cnditin. Assistance is subject t apprval by the servicer. D hmewners have t pay back Restring Stability assistance? Assistance will be in given thrugh a zer interest, five-year secnd mrtgage that will be recrded in the amunt f $25, The hmewner is nly respnsible fr the ttal amunt f Rescue Payment, Mrtgage Payment, Lien Eliminatin, r Mdificatin with Cntributin assistance paid by Restring Stability n behalf f

4 the hmewner. All payments are deferred, and 20 percent f the balance will be frgiven each year. If a hmewner uses Restring Stability t stay in the hme and then sells r refinances the hme within five years, the assistance wuld be repayable frm any net prceeds. Can hmewners qualify fr mre than ne Restring Stability prgram? Yes, hmewners may qualify fr mre than ne type f assistance. The ttal amunt f assistance will be specified in the Actin Plan and may nt exceed the maximum benefit amunt. What assistance is available t hmewners wh dn t qualify fr Restring Stability? If a hmewner des nt qualify fr Restring Stability, assistance is available thrugh ther freclsure preventin prgrams at n charge. If a hmewner is behind n his r her mrtgage r struggling t affrd their mnthly payments, help is free thrugh the Save the Dream Ohi htline at Hmewners shuld never be asked t pay a fee in exchange fr a cunseling service r mdificatin f a delinquent lan. Freclsure rescue scammers prmise t save hmewners frm freclsure, but instead cnvince hmewners d things that are nt in their best interest. Fr mre infrmatin n aviding rescue scams, g t: Hw many peple will be assisted thrugh Restring Stability? Ohi estimates that 53,000 hmewners will be assisted thrugh the Restring Stability prgram. Funds are initially allcated amng the five types f assistances as fllws: Initial Prgram Allcatin Estimated Rescue Payment Assistance $126,000, Mrtgage Payment $164,500, Assistance Mdificatin w/ Cntributin $124,200, Lien Eliminatin $14,000, Transitin Assistance $1,280, Ttal $429,980, This allcatin may change based upn actual prgram usage. An additinal $50 millin f OHFA s allcatin is reserved fr a new prgram t help hmewners refinance their mrtgage. This prgram has nt yet been launched. I have a questin r cmment abut Restring Stability? Wh d I call? Cntact the Save the Dream Ohi htline tll free at If yu recently applied nline r registered ver the phne fr Restring Stability, please allw husing cunselrs ten business days frm the time yu cmpleted the registratin prcess t cntact yu. Hwever, if it has been lnger than ten business days and yu have nt been cntacted, please call the Ohi Husing Finance Agency Cnsumer Advcacy htline tll free at

5 Eligibility Questins Wh is eligible fr Restring Stability? Restring Stability eligibility requirements target hmewners with the greatest need. T qualify, a hmewner must have: Current husehld incme belw 115 percent f area median incme (AMI): Liquid assets (excluding retirement funds) equal t less than six mnths f mrtgage payments; Ttal first mrtgage debt belw the maximum Federal Husing Administratin (FHA) lan amunt fr all Ohi cunties, which is $432,500; and A hardship based n invluntary lss f incme, such as thrugh unemplyment, reductin in wages r hurs, divrce, disability, death, r illness; r a significant increase in medical expenses. Is Restring Stability limited t hmewners wh are unemplyed? N. Restring Stability is available t qualifying husehlds that have had an invluntary lss f incme, which includes nt nly unemplyment but als thse wh have experienced a significant increase in medical expenses and thse wh have an invluntary lss f incme as a result f a reductin in wages r hurs, divrce, disability, death f a family member, r illness. Is Restring Stability available t peple wh are current n their mrtgage? Yes. Restring Stability is available t hmewners wh are current r delinquent n their mrtgage and have experienced an invluntary reductin in incme r significant increase in medical expenses. Hmewners must meet ther Restring Stability eligibility criteria including incme, mrtgage amunt, and available liquid assets. Is Restring Stability available t peple wh have received a ntice f freclsure? Yes. Hmewners wh have received a freclsure ntice will receive pririty prcessing and will be assisted if they meet the Restring Stability eligibility criteria. If a sheriff s sale is scheduled, the date must be at least 21 days r mre frm the date f applicatin. Restring Stability prgrams may nt be used, hwever, t redeem a mrtgage after a freclsure sale. Am I eligible fr Restring Stability if my lan has previusly been mdified? It depends n the terms f yur previus mdificatin and yur current financial situatin. If yu are in a trial mdificatin perid, yu are nt eligible. If yur lan has previusly been mdified with a HAMP mdificatin and yu have a new financial hardship that is making yur mdified payments unaffrdable, then yu may be eligible fr Restring Stability. If yur lan has previusly been mdified with a HAMP mdificatin but yur mdified payments are abve 20 percent f yur grss mnthly incme, yu may be eligible fr Mrtgage Payment Assistance if yu als are receiving unemplyment benefits r experienced a 10 percent reductin in incme. If yu are nt sure whether yu are eligible, yur husing cunselr will determine yur eligibility after yu apply. Hw d I knw if I make t much mney t qualify fr Restring Stability? T be eligible fr Restring Stability, yur husehld incme must be belw 115 percent f Area Median Incme. Incme includes salary and wages; self-emplyment incme; incme frm rental prperties r rmmates wh pay yu rent; incme frm settlements; child supprt payments received; alimny r separate maintenance payments received; regularly scheduled payments frm trusts, annuities, inheritance, insurance plicies, pensins, retirement funds, and ltteries; public assistance payments in lieu f earnings such as unemplyment benefits, wrkers cmpensatin, severance pay, disability and death benefits, Fd Stamps, and Medicaid; incme frm partnerships; the amunt by which educatinal schlarships, grants, r benefits

6 exceed student expenses; and recurring investment gain incme. Husehld incme is calculated n the 30 day average ver the past 60 days and includes the incme frm the brrwer, c-brrwer, brrwer s spuse, and husehld members. Click here t see maximum family incme limits by cunty. Sample incme calculatin: Earner Mnthly Incme Surce Jhn Smith (Brrwer) $800 Unemplyment Benefits $1,000 Self Emplyment Incme $1,800 Ttal Jane Smith (Spuse) $1000 Salary $500 Child Supprt $1500 Ttal Jake Smith (Father, C-Brrwer) $2,000 Payments frm Pensin $2,000 Ttal Ttal Husehld Incme $5,300 If the Smith family, abve earned $5,300 in April and $5,000 in May, the 30 day average ver the past 60 days wuld be $5,150. T determine whether the Smith family exceeds maximum incme limits, multiply the 30 day average incme ($5,150) by 12 t calculate and annual husehld incme based n the 30 day average. In this case, the annual husehld incme wuld be $5,150 x 12 = $61,800. Next, cmpare this husehld incme t the Maximum Family Incme Limits by Cunty wrksheet. If the Smith family lives in Lucas cunty and 3 r mre peple living in their hme, their maximum incme limit wuld be $93,725. The Smith family s husehld incme is $61,800 which is less than $93,725, which is the maximum incme limit in Lucas Cunty fr a husehld f 3 r mre peple. Therefre, the Smith family meets the incme qualificatin fr Restring Stability. Applicatin Questins Hw d hmewners apply fr Restring Stability? T begin the applicatin prcess, hmewners may register nline r call the Save the Dream Ohi tll-free htline ( ) t be referred t ne f the U.S. Department f Husing and Urban Develpment (HUD)-apprved husing cunseling agencies selected by OHFA. A Restring Stability-trained husing cunselr will wrk with each hmewner t screen fr eligibility and develp an individualized Restring Stability Actin Plan t address the hmewner s particular needs. OHFA will review and apprve eligibility applicatins and will authrize payments t the hmewner s mrtgage servicer. View a list f apprved Husing Cunseling Agencies by Cunty. Nte: The Restring Stability website may nt functin prperly if accessed frm a Smart Phne r ther cellular device. I applied nline. Nw what?

7 Nw that yu have cmpleted yur nline infrmatin, print ut yur dcument packet, which can be fund at the end f Step 7. Check the dcument packet t ensure that all dcuments are crrect. Sign and date thse dcuments that require signatures. Use the Dcument Checklist in yur packet t gather the additinal dcuments yu will need t prvide t yur husing cunselr. These additinal dcuments help the husing cunselr and OHFA verify that the infrmatin yu prvided in yur applicatin is true and crrect. While yu filled ut yur applicatin nline, yu were autmatically assigned t a Restring Stability husing cunseling agency. The address f yur husing cunseling agency will be listed n the secnd page f the applicatin yu printed in Step 7. Yu shuld receive an that tells yu t which cunseling agency yu were assigned. A representative frm that cunseling agency shuld cntact yu within 10 days frm the date began yur nline applicatin. The agency representative may set up a cunseling sessin and give yu directins n submitting yur cmpleted dcument packet and supplemental dcuments. Yu will be assigned t a specific cunselr within that agency wh will review yur applicatin and help determine which freclsure preventin ptins are right fr yu. Restring Stability Applicatin Prcess Hmewner Hmewner Cunselr Cunselr Cunselr Cmpletes nline applicatin Prints, signs packet, gathers supplemental dcuments Cntacts hmewner within 10 business days Meets with hmewner t discuss prgram ptins Prepares and submits Actin Plan t OHFA if it appears hmewner is eligible fr Restring Stability What shuld I d if I have cmpleted the registratin prcess nline r ver the phne and have nt received a call frm a husing cunselr at a cunseling agency? Please allw husing cunselrs at least ten business days frm the time yu cmpleted the registratin prcess t cntact yu. Hwever, if it has been lnger than ten business days and yu have nt been cntacted, please call the Save the Dream Ohi htline tll free at Why d I have t disclse my persnal infrmatin? While filling ut yur applicatin, yu will have t prvide persnal infrmatin abut yur financial situatin. This infrmatin is critical fr helping yur husing cunselr determine whether yu may be eligible fr Restring Stability assistance. Additinally, prviding certain persnal infrmatin helps the State f Ohi spt ptential fraud, which is imprtant fr ensuring that limited Restring Stability assistance ges nly t thse hmewners wh truly need it. OHFA is cmmitted t yur right t privacy and takes yur privacy seriusly. We have very strict privacy plicies and we strive t keep yur persnal and financial infrmatin secure. We pledge t hld all infrmatin yu prvide t us in abslute privacy. Only authrized emplyees may access yur infrmatin. All emplyees are required t adhere t ur strict privacy plicies and any emplyee wh vilates the privacy plicy is subject t terminatin and ther disciplinary measures, up t being criminally prsecuted fr their vilatin. T learn mre abut OHFA s Restring Stability privacy plicy, click here. Hw lng will it take fr me t get assistance? The length f time it takes fr a hmewner t get Restring Stability assistance depends n several factrs: 1) the length f time it takes the hmewner t cmplete the applicatin and prvide all supprting dcuments; 2) the availability f husing cunselrs t meet with hmewners; 3) the hmewner s servicer and that servicer s prcesses fr apprving applicatins; and 4) the type f assistance the hmewner needs. If the

8 hmewner s financial situatin changes during the applicatin prcess, it als may take lnger t prvide assistance fr that hmewner. It may take up t 60 days t prvide assistance t applicants after submissin t OHFA. Is there anything I can d t speed up the applicatin prcess? Yes! By filling ut yur applicatin hnestly and accurately, gathering and signing all required dcuments, respnding in a timely manner t yur cunselr s calls and questins, keeping yur husing cunselr infrmed f any changes t yur situatin, and prmptly prviding any additinal dcumentatin that may be requested during the review prcess, yu can speed up the length f time it may t take t prvide assistance. Additinally, keep track f the date yu applied fr assistance and advcate fr yurself. If yur cunselr is suppsed t call yu within 10 business days f the day yu started yur applicatin, call the Save the Dream Ohi htline if yu d nt hear frm yur cunselr in that timeframe. D nt assume that yur cunselr will eventually call yu. It culd be that the cunselr has a bad number fr yur r the cunselr s s are getting sent t yur spam flder. If yur cunselr r smene at OHFA prmises t call within a certain timeframe, and yu d nt hear back, fllw up! Finally, yu may slw dwn yur review prcess if yu call yur cunselr r OHFA staff every day with questins and requests fr status updates. We encurage yu t be actively engaged during the prcess and ask fr yur patience as we prcess yur applicatin. Fr a quicker respnse, yu may any status update requests t Wh will cntact me during the Restring Stability applicatin prcess? It is imprtant that yu knw wh might cntact yu during the Restring Stability applicatin prcess, especially if yu are in freclsure. Hmewners wh are in freclsure ften get calls frm cn artists smetimes called rescue scammers wh may ffer t help yu with yur mrtgage r buy yur hme. These cn artists typically charge large fees withut prviding services r trick hmewners int turning ver the deed t their prperty. It is imprtant t remember that individuals assciated with the State f Ohi, the Ohi Husing Finance Agency, Restring Stability, Save the Dream Ohi, and the Restring Stability netwrk f HUDapprved husing cunseling agencies will never charge a fee r pressure yu t sign dcuments yu d nt understand. During the Restring Stability applicatin prcess, yu shuld expect t hear frm: HUD-apprved husing cunseling agency The agency that will cntact yu will be ne f the agencies in the Restring Stability netwrk. Yu will receive an that tells yu t which agency yu are assigned nce yu begin yur applicatin. Be sure t check yur and listen t yur vic fr messages frm a representative at yur assigned agency. Ohi Husing Finance Agency staff In special situatins, yu may get a call r frm a staff member at the Ohi Husing Finance Agency (OHFA). If yu are nt sure that the persn wh is calling yu really wrks fr OHFA, call the main OHFA phne number, ( , tllfree), and ask t be cnnected with that persn. Title Agency Assciates Title is thecmpany that OHFA cntracts t arrange lan clsings with hmewners. Hmewners wh are receiving Rescue Payment Assistance, Mrtgage Payment Assistance, Lien Eliminatin Assistance, r Mdificatin with Cntributin will clse n a subrdinate lien in rder t receive Restring Stability assistance (see Will the hmewner have t pay back Restring Stability assistance?). After I applied, I gt a freclsure ntice frm my cunty Clerk f Curts. What shuld I d? If yu have received a freclsure ntice frm yur cunty Clerk f Curts, ntify yur husing cunselr right away. Yur cunselr will update yur file and ntify OHFA. Yu shuld send a cpy f the freclsure ntice t

9 yur cunselr as well as any cmmunicatin yu receive frm yur servicer regarding additinal fees that yu have been charged as a result f the freclsure filing. Ohi law requires yu t file an answer t the freclsure cmplaint within 28 days f receipt. If yu are nt sure hw t file an answer, cntact yur cunty s Clerk f Curts fr instructins. Yu may als seek the assistance f legal aid (call the Save the Dream Ohi htline at t get a referral) r a trusted attrney. Beware f unslicited phne calls yu receive ffering t assist yu with yur mrtgage, including thse frm individuals claiming t be attrneys. When yu file yur answer, yu may want t request mediatin. Mediatin is a negtiatin between yu and yur mrtgage servicer that is mediated by a neutral third-party. Mediatin may nt be necessary if yu ultimately get apprved fr Restring Stability assistance, but it culd very helpful if yu d nt get apprved fr assistance. It is advisable t seek the help f an attrney r husing cunselr prir t attending mediatin. Fr mre infrmatin n freclsure mediatin, visit the Supreme Curt f Ohi website. After I applied, my incme changed. What shuld I d? If yur husehld increases 20 percent, ntify yur husing cunselr. Yur husing cunselr will ntify OHFA wh may recalculate yur assistance amunt depending n where yu are in the review prcess. It is very imprtant that yu reprt incme changes prmptly and hnestly. Failure t d s culd result in the decline f yur applicatin. If yu becme reemplyed while receiving unemplyment benefits and fail t ntify yur husing cunselr, the State f Ohi will cancel yur Restring Stability assistance and ask yu t repay any assistance yu received after yu were reemplyed. My cunselr says he/she has submitted my applicatin t OHFA fr underwriting/verificatin. What des that mean? After yur cunselr has determined that yu meet basic eligibility guidelines, he r she will develp an Actin Plan. The Actin Plan shws which Restring Stability prgrams yu are eligible fr and hw much assistance yu may receive. Then, the cunselr submits that actin plan t OHFA. OHFA staff review the applicatin and the supprting dcuments yu submitted t verify that yu are eligible. If OHFA verifies yur eligibility, OHFA will then ntify yur mrtgage servicer. Yur servicer will review yur file and decide whether t apprve yu fr assistance. Yur servicer may decline yur applicatin if yu are suing the servicer r if the servicer finds a discrepancy between the infrmatin yu prvided in yur Restring Stability applicatin and the infrmatin the servicer finds in yur file. Fr instance, if yu fail t disclse a cbrrwer when yu apply fr assistance, yur servicer will decline yur applicatin. The chart belw shws the review prcess frm beginning t end. Begin Applicatin Meet with Cunselr Eligible? N Applicatin Canceled Yes OHFA Underwriting Verified? N Ineligibility Letter Issued Yes Servicer Apprval Apprved? N Ineligibility Letter Issued Yes Clse n Assistance Assistance Cmplete

10 Hw d I find ut the status f my applicatin? Please cntact yur husing cunselr t determine the status f yur applicatin. What are reasns why my applicatin might get rejected? Restring Stability applicatins must be reviewed and apprved by three grups: yur HUD-apprved husing cunseling agency, the Ohi Husing Finance Agency, and yur mrtgage servicer. During the review prcess, there are a few reasns why yur applicatin might be declined by ne f the three grups: Yu d nt meet basic eligibility guidelines; Yu meet basic eligibility guidelines, but nne f the available prgrams address yur situatin; Yu require mre assistance that maximum benefit amunt; Yu are in an active bankruptcy; Yu fail t disclse imprtant financial infrmatin, such as a c-brrwer r incme; Yu have an active lawsuit against yur servicer; Yur servicer des nt agree t reduce principal, apprve a shrt sale, r apprve a deed-in-lieu; Yu are fund t be engaged in fraudulent activity; Yu have been cnvicted f theft, frgery, fraud, tax evasin, r related crimes within the last 10 years; r Yu have a Sheriff s Sale scheduled in fewer than 21 days. If yu meet basic eligibility guidelines, but nne f the available prgrams address yur situatin, yu will receive a letter explaining the reasn fr denial. My applicatin was declined. Can I appeal this decisin? Yes. If yur applicatin was declined and yu feel this decisin was in errr, yu have the ptin t appeal the decisins. Yur applicatin is initially reviewed by yur husing cunselr. If yur husing cunselr determines that yu d nt meet basic eligibility requirements, the cunselr will issue an Ineligibility Letter. Yu may ask yur cunselr t submit a Request fr Eligibility Review with supprting dcumentatin t the Ohi Husing Finance Agency. The Ohi Husing Finance Agency will respnd t the husing cunselr, and this decisin is final unless the hmewner s circumstances change. If yur applicatin was submitted t the Ohi Husing Finance Agency but then declined because yu are nt eligible fr a specific Restring Stability prgram, the Ohi Husing Finance Agency will issue a Prgram Decline letter. If yu disagree with this decisin, yu may ask yur cunselr t submit a Request fr Prgram Review. The Underwriting Crdinatr and Grant Operatins Manager will independently review the decisin and issue a decisin letter t the hmewner within 15 business days f the appeal request. If the hmewner wishes t appeal that decisin, a request must be made in writing within 30 days f the denial letter date. An Appeals Cmmittee will review and render a final decisin within 30 days f receipt.

11 Participant Questins Wh d I call if I have questins after clsing n a lien fr assistance? When yu clse n yur subrdinate lien fr Restring Stability assistance, yu will receive a Fact Sheet with yur clsing dcuments that include frequently asked questins and infrmatin abut wh t cntact with specific questins. If yu have questins that are nt answered in Frequently Asked Questins r the Clsing Fact Sheet, yu may cntact Ohi Husing Finance Agency Cnsumer Advcacy Htline at r yur questins t I just clsed n my subrdinate lien fr Restring Stability assistance. When des the assistance begin? When yu clsed n yur subrdinate lien, yu shuld have received a dcument at clsing that details the amunt f assistance yu are receiving and fr hw many mnths if yu d nt get reemplyed during yur assistance perid. If yu did nt receive this dcument at clsing, please cntact the Ohi Husing Finance Agency right away and it will be mailed r ed t yu. I am receiving Mrtgage Payment Assistance, and I just gt a jb! What shuld I d nw? Cngratulatins! Nw that yu have a new jb, please infrm yur husing cunselr r the Ohi Husing Finance Agency right away. Dn t wrry abut lsing yur assistance: unless yu have already received 14 r 15 mnths f assistance, yur assistance will keep ging three mnths after yu start yur jb t help yu get back n yur feet. If yur mrtgage payments are nt affrdable even with yur new jb, yu may qualify fr additinal assistance. Cntact yur husing cunselr fr mre infrmatin. What happens if I d nt tell Restring Stability if I get reemplyed while receiving Mrtgage Payment Assistance? If yu g back t wrk and fail t ntify the Ohi Husing Finance Agency, the Ohi Husing Finance Agency will find ut when it checks its recrds against a database f emplyed Ohians. Yu will n lnger be eligible t receive Restring Stability assistance, and yu will be asked t repay any assistance yu received while reemplyed. I am abut t run ut f Mrtgage Payment Assistance, but I am still unemplyed. What shuld I d? If yu are abut t run ut f Mrtgage Payment Assistance but yu are still unemplyed, cntact yur HUDapprved husing cunselr t arrange a time t discuss yur ptins. If yu think yu may be reemplyed within the next three mnths, yu might als cnsider the Hme Affrdable Unemplyment Prgram (UP), which gives unemplyed hmewners up t three mnths f frbearance. Hwever, at the end f yur frbearance, yu must make-up the payments yu missed, s yu shuld discuss with yur husing cunselr whether UP is a gd ptin. Depending n yur family s financial situatin and the amunt f equity yu have in yur hme, yu might als qualify fr a refinance. If yu have nt used yur entire $25,000 Restring Stability benefit, yu may be eligible fr Transitin Assistance. Transitin Assistance prvides small incentives t first and secnd lien hlders t help hmewners transitin ut f their hme thrugh a shrt sale r deed-in-lieu. Althugh ur gal is t help hmewners keep their hme, smetimes circumstances require a hmewner t cnsider alternative husing arrangements. Transitin Assistance als prvides a payment t the hmewner t help with mving expenses.

12 I have decided t sell r refinance my hme, and it has been less than five years since I received Restring Stability assistance. D I have t ntify Restring Stability? N, yu d nt have t ntify Restring Stability if yu decide t sell r refinance yur huse. When yu clsed n yur lan fr assistance, the Ohi Hmewner Assistance, LLC (OHA) became a subrdinate lien hlder n the prperty. When yu sell r refinance yur hme, all parties with liens n yur prperty are autmatically ntified. When yu sell yur hme, any prceeds remaining after yu pay ff the first lien hlder and secnd lien hlder (if applicable), will g t pay f the remaining balance f yur Restring Stability assistance lien. Thse funds will be recycled back int the Restring Stability initiative and used t assist mre hmewners. I received Restring Stability assistance previusly and I did nt use my entire benefit amunt. Nw I have a new financial hardship. Can I get mre assistance frm Restring Stability? Yes. If yu have nt used yur entire maximum benefit and yu have a new financial hardship, cntact yur husing cunseling agency t determine whether yu might qualify fr additinal assistance. Hw des Restring Stability assistance affect my tax liability? Anyne wh has received Restring Stability assistance will get a letter frm Restring Stability listing the amunt f assistance Restring Stability paid t yur mrtgage servicer during the year. Restring Stability assistance is nt cnsidered incme; hwever, the amunt f assistance yu received des impact the amunt f mrtgage interest yu may deduct. Yu may nt deduct any interest mrtgage interest that Restring Stability paid n yur behalf. Restring Stability cannt make this calculatin fr yu, but the letter yu receive will give yu the infrmatin yu need t make this calculatin. Restring Stability cannt ffer tax advice, s please cnsult an attrney r tax preparer if yu have any questins. Please nte that free tax preparatin services are ften available thrugh the Ohi Benefit Bank.