State Rep. Romanchuk Applauds Passage Of Bill To Create The D.O.L.L.A.R. Deed Program
HB 303 aims to keep foreclosure victims in their home through partnerships with private lenders
December 08, 2015
 
[ Mark J. Romanchuk Home | Mark J. Romanchuk Press ]
 
 
COLUMBUS - 

State Representative Mark Romanchuk applauds the passage of legislation creating the D.O.L.L.A.R. Deed program (Deed Over, Lender Leaseback, Agreed Refinance), which was voted on during today’s Ohio House session. House Bill 303 will provide homeowners the option to remain in their homes as a tenant instead of foreclosing on the property.


The legislation creates a cost effective and efficient way of avoiding a foreclosure. Under HB 303, a homeowner and lender can enter into an agreement for the owner to remain in their home, avoiding the costs of foreclosure.  The homeowner would deed title back to the lender, and in return the lender will lease the property back to the homeowner in exchange for a right to refinance the original loan. This enables the owner to stay in their home, keep the children in the local schools, and maintain local government funding on properties at the highest risk of abandonment and blight. 


“I hope this common sense bill will help individuals stay in their homes and prevent the many abandoned homes we see in our neighborhoods,” said Rep. Romanchuk.


While the D.O.L.L.A.R. Deed program is not mandatory, it will offer creditors the option of eliminating the cost of foreclosure litigation. The Ohio Housing Finance Agency will assist in establishing the program.


House Bill 303 now goes to the Ohio Senate for further consideration.

 
 
 
  
Featured Posts

Guest Column From Representative Mark Romanchuk: Workers' Comp Rebates An Economic Boost To Richland County

 
Columbus - 

The summer of 2018 brought with it another boost to Ohio’s economy. That boost came from the Ohio Bureau of Workers' Compensation. For the fourth time since 2013, the agency is returning $1.5 billion in premiums to Ohio’s private and public employers. This year’s rebate is the largest in 20 years and is due to falling claims, wise investments, and smart business decisions.



 
 

Rep. Romanchuk Applauds Governor Kasich's Signing Of Bill Honoring Local Football Legend

 
Columbus - 

State Representative Mark Romanchuk (R-Ontario) today applauded Governor Kasich for signing legislation that designates February 3rd as “Charles Follis Day” in honor of the first African American professional football player.



 
 

Rep. Romanchuk Honored By NFIB With The Guardian Of Small Business Award

 
Columbus - 

State Representative Mark Romanchuk (R-Ontario) was honored by the NFIB, the state’s leading small business association in Ohio, with its prestigious Guardian of Small Business Award, along with Senator Kris Jordan (R-Delaware). The recognition is for their outstanding efforts to support small business issues in the Ohio Legislature.



 
 

State Representative Romanchuk Honors Mansfield Area Y During Ohio House Session

 
Columbus - 

State Representative Mark Romanchuk (R-Mansfield) presented a resolution on behalf of the Ohio House to the Mansfield Area Y in celebration of its 150th anniversary.