Effective: September 28, 2016
Latest Legislation: House Bill 303 - 131st General Assembly
(A) An applicant to the D.O.L.L.A.R. deed program shall submit both of the following to the loss mitigation department of the lender of the mortgage that is in default:
(1) An application form as set forth in section 5315.02 of the Revised Code;
(2) A request for modification and affidavit form developed under the home affordable modification program.
(B) To qualify for the program, all of the following shall apply:
(1) The applicant need not be eligible for another mortgage loss mitigation alternative or program.
(2) The applicant's front-end and back-end debt-to-income ratios must fall below the current ratios set for the home affordable modification program at the time the application is submitted to the lender.
(3) The applicant must occupy the residence.
(C) The lender shall respond to the applicant in writing not later than thirty days after the date the lender receives all application documents.
(D) The lender is not required to participate in the program.
Structure Ohio Revised Code