Homeowner Stabilization Initiative (OHSI)
OHSI has programs to help homeowners struggling to meet their monthly mortgage obligations. Programs available include:
HRP: The Home Rescue program is designed to help homeowners who are struggling to pay their mortgage. Home Rescue can provide up to one year of mortgage payments, with a maximum benefit of $20,000, and if needed, up to $15,000 in funds to bring the loan current.
PR/LE: The Principal Reduction and Lien Extinguishment (PR/LE) program is designed for homeowners who are on a fixed income and struggling to make their mortgage payment. The program will pay up to $50,000 to reduce the unpaid principal balance of the mortgage so that the loan may be re-amortized resulting in a sustainable lower monthly payment.
- LPA: Loan Preservation Assistance
Preservation Benefit -
The Preservation Benefit is for homeowners who can afford their mortgage payment, but are behind on their first lien mortgage due to a financial hardship. The Preservation Benefit is designed to help homeowners by providing a one-time payment to the lender so homeowners can catch up on their regular mortgage payments.
Property Tax Benefit -
The Property Tax Benefit will serve homeowners who own their homes outright (no mortgage liens on the property) and have fallen behind on their county property taxes due to a hardship, but can afford their taxes going forward. This benefit is designed to reinstate the homeowner’s delinquent county property tax returns by paying a benefit to the county tax authority. Continue >
Reverse Mortgage Benefit -
The Reverse Mortgage Benefit is for homeowners with a Home Equity Conversion Mortgage (HECM) that is behind due to charges (including taxes, insurance and homeowner association fees) advanced by their lender. This program aims to reinstate the homeowner’s delinquent accounts by paying a benefit to the reverse mortgage servicer.
For more information and whom to contact for application of these programs please click here