Ohio passed a bill establishing the D.O.L.L.A.R. deed program (Program). The Program provides borrowers in default the opportunity to stay in their home following a deed-in-lieu-of-foreclosure. Under the Program, the borrower deeds title to the property to the lender and in return, the lender will lease the property back to the borrower and provide the borrower the right repurchase the property. Participation in the Program is optional. The bill does not require lenders to participate in the Program. The bill becomes effective October 1, 2016.
See Ohio General Assembly website for the full text of the Statutes:
http://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_131/bills/hb303/EN/05?format=pdf
