On August 28, OHSI launched the new Home Rescue Program statewide. Functionally, the program is an expanded version of the recently concluded Mortgage Payment Assistance Unemployment (MPAU) program. Every other Wednesday at noon, 200 slots open up for struggling homeowners who have suffered a significant (10%+) drop in income compared to 2011 or 2012. Eligible homeowners receive up to $20,000 over 12 months to help make their mortgage payments and as much as $10,000 in additional reinstatement assistance to bring delinquent loans current.
The property must be a single unit, single family property (townhouses and condominiums are eligible) and household income cannot exceed 120% of the state median. Homeowners who received mortgage payment assistance under earlier versions of the program or in active bankruptcy are not eligible.
For a complete description of eligibility requirements or to submit an application online, visit the Home Rescue Program website here.