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).
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Thanks for posting the article, was certainly a great read!
What an awesome ray of HOPE for Homeowners in Oregon! I sincerely HOPE that many homeowners try to take advantage of this program.
Did you know if you qualify after filling out the application, then your name is put in a drawing and 5000 names will be drawn to see who will get help – That is SICK, Your name doesn’t come up— to bad you loose.
What a rotten way for our Government to do something.
Why not at the least divide what you have with all that qualify?
Oregon does not even support legalized gambling, yet they sure do it a lot
You do have to qualify to go into the lottery – there is only so many dollars to go to this program. A lottery may be better than a first come first serve for some – There are several questions you have to answer to get through this program to go into the lottery and although it may not be perfect it is at least a chance for help for 5000 families or so.