State Rep. Sprague 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

COLUMBUS—State Representative Robert Sprague (R-Findlay) applauds the passage of legislation creating the D.O.L.L.A.R. Deed program (Deed Over, Lender Leaseback, Agreed Refinance), which was recently passed during an 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.

In an effort to reduce abandoned properties, the legislation aims to create a cost effective and efficient way of completing a foreclosure. Under HB 303, a homeowner and lender can enter into an agreement for the owner to lease their home from the lender for a period of time, rather than simply being evicted. This enables the owner to repurchase their home from the lender by giving them time to qualify for refinancing.

“House Bill 303 will give some individuals an opportunity to stay in their home, while they explore their financial options,” said Representative Sprague.

The D.O.L.L.A.R. Deed program is not mandatory; however, 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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