COLUMBUS - 

State Representatives Jonathan Dever (R-Madeira) and Robert McColley (R-Napoleon) announced the introduction of House Bill 303 to create the D.O.L.L.A.R. Deed (Deed Over, Lender Leaseback, Agreed Refinance). It will provide homeowners and lenders the option of allowing homeowners to remain in their homes as a tenant instead of foreclosing on the property. 


 


House Bill 303 will supply an additional tool to fight the abandoned property epidemic in Ohio and will allow individuals and families to stay in their homes. This bill will allow transfer title to the property similar to a deed in lieu of foreclosure with an estoppel certificate. The homeowner can then lease the real estate from the lender for a period of time as determined by the parties and based on statute. The bill will also allow homeowners an opportunity to refinance the property and stay in their home.


 


“This legislation comes after a decade of representing homeowners in foreclosure, looking for a way to keep the American dream of homeownership alive for thousands of Ohioans,” Rep. Dever said.  “As our communities struggle to keep continuity, this legislation will be a tool to keep our neighborhoods together, kids in school, and bolster our economy.”


 


"The foreclosure of someone's home can be an extremely traumatic and devastating experience for the homeowner and it can also lead to blight,” Rep. McColley said. “This bill provides an alternative to foreclosure that will keep a homeowner and his or her family in their home, which could be a win for all involved."

 
 
 
  
Featured Posts