Ohio Code 5315.03 – Application; qualifications; participation
(A) An applicant to the D.O.L.L.A.R. deed program shall submit both of the following to the loss mitigation department of the lender of the mortgage that is in default:
Terms Used In Ohio Code 5315.03
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Home affordable modification program: means the home affordable modification program established by the United States departments of the treasury and housing and urban development pursuant to 12 U. See Ohio Code 5315.01
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Lender: includes the person entitled to enforce the instrument secured by the mortgage under division (A)(1) or (2) of section 1303. See Ohio Code 5315.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means the instrument securing an obligation to pay a sum of money evidenced by a note of indebtedness and secured by a lien on the borrower's real property. See Ohio Code 5315.01
(1) An application form as set forth in section 5315.02 of the Revised Code;
(2) A request for modification and affidavit form developed under the home affordable modification program.
(B) To qualify for the program, all of the following shall apply:
(1) The applicant need not be eligible for another mortgage loss mitigation alternative or program.
(2) The applicant’s front-end and back-end debt-to-income ratios must fall below the current ratios set for the home affordable modification program at the time the application is submitted to the lender.
(3) The applicant must occupy the residence.
(C) The lender shall respond to the applicant in writing not later than thirty days after the date the lender receives all application documents.
(D) The lender is not required to participate in the program.