State Rep. Ryan Co-Sponsors Bill To Create The D.O.L.L.A.R. Deed
HB 303 aims to keep homeowners in their home through partnerships with private lenders
December 09, 2015
 
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COLUMBUS–State Representative Scott Ryan (R-Granville Twp) applauds the passage of legislation creating the D.O.L.L.A.R. Deed (Deed Over, Lender Leaseback, Agreed Refinance), which was voted on during yesterday’s Ohio House session.  Working with participating lenders, House Bill 303 will provide homeowners the option to remain in their homes as a tenant instead of facing foreclosure.


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, while helping the community avoid problems associated with abandonment and blight. 


“I am pleased to co-sponsor this legislation, which provides homeowners, financial institutions, and local governments another option to select in their struggle to fight abandonment and blight,” said Ryan. “As a former County Treasurer, I saw the problems with the foreclosure crisis firsthand and this creates another tool to help address the issue.”


Lenders are not required to offer the D.O.L.L.A.R. Deed under the bill. 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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