For families who are at high risk of default or foreclosure.
I would suggest that anyone interested fill out the online application as soon as possible. I know that you cannot be in arrears with your mortgage. You cannot have filed bankruptcy, and you should be unemployed or under-employed. They want to know everything about your debt and your living expenses. They look at your savings accounts but are not concerned with your retirement accounts. Once you fill out the application completely a counselor will be assigned to your case. I got a call from a counselor in Columbus where the main office is. All information needs to be backed up with paperwork like examples of bills and a copy of your mortgage agreement.
If you fit their criteria you will then be invited to a group review of the process. Once you meet the criteria your application will be sent through underwriting. The whole process can take 3 months or more. So start the process before you are in trouble.
The money used becomes a 2nd mortgage. If you already have a home equity line of credit open that can cause problems with your eligibility. You must stay living in your home for 5 years after it begins for it to be completely forgiven. If you sell or refinance your home before that time a pro-rated amount will be due to be paid back to the government. There are different plans that they can do for you depending on your situation.
Locally you can get more information at "Working In Neighborhoods" (513) 541-4109 Restoring Stability/Save the Dream - Ohio Initiative
or from Bill Hanks at "Home" (513) 721-4663
Bill can sometimes help you with your bank in getting your interest rate reduced and it helps to try that first because interest rates are so low today.
Kentucky has Save the Dream funds as well.