Do you need assistance with your mortgage? This program may be of help to you! On December 10, The Oregon Housing and Community Services will open online applications for the Mortgage Payment Assistance.
The Mortgage Payment Assistance will award homeowners in states hit hardest by the economic and housing market downturn through a fund established to help at least 5,000 homeowners in Oregon. This fund will provide up to one year of mortgage payments or $20,000 whichever is less or comes first.
The payments provided by the Mortgage Payment Assistance program will be a five year, forgivable, interest-free and non-recourse loan. The Oregon Housing and Community Services will forgive 20% of the balance each year. Mortgage Payment Assistance recipients that refinance or sell their homes within the first 5 years may be required to repay part of the assistance they receive.
Funding for this program comes from the U.S. Treasury’s Hardest Hit Fund. This fund was established to aid homeowners in states hit hard by the current economic and housing downturn. The Treasury has awarded $220million for foreclosure prevention in Oregon.
To Apply online for Mortgage Payment Assistance on December 10 go to www.OregonHomeOwnerHelp.org applications will be accepted for one month. The State of Oregon will then have a drawing to select the Mortgage Payment Assistant recipients – this is not a first come first serve basis. The Mortgage Payment Assistance website has additional information on this program.
If you need immediate foreclosure prevention help, please call the Homeowner’s HOPE Hotline at 888-995-HOPE (4673).