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.

 
 
 
  
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