Facing Foreclosure? Oregon Homeownership Stabilization Initiative May be able to Help

State of Oregon Launches Homeownership Stabilization Initiative

In January, the State of Oregon – in conjunction with the US Treasury – launched a new program to help homeowners keep their homes.

The Oregon Homeownership Stabilization Initiative offers four types of assistance. Unfortunately, the application period for Mortgage Payment Assistance closed on January 14, 2011. However, there are three additional programs scheduled to accept applications in Spring, 2011:

• Loan Modification Assistance will help homeowners who are on the verge of successfully modifying their existing mortgages but require a small amount of additional financial resources to do so.
• Loan Preservation Assistance will provide financial resources a homeowner may need to modify a loan, pay arrearages, or clear other significant financial penalties after a period of unemployment or loss of income.
• Transitional Assistance will help homeowners who do not regain employment during the period of Mortgage Payment Assistance with the resources they need to move to affordable, most likely rental, homes.

For complete details about these programs, check the Oregon Homeownership Stabilization Initiative website, or subscribe to foreclosure prevention updates from the State of Oregon.

To qualify for any of these programs, homeowners must meet the eligibility criteria, while funds last. Some recipients may qualify for and use more than one program.

The two main qualifications to be considered are:

• People who live in their own single-family homes and own no second homes or rental properties.
• People with incomes at or below 120 percent of state median income.

For more information, or if you are unable to make your mortgage payment, call SAFENET (1-800-723-3638), or the HOPE hotline (1-888-995-4673), or visit the Oregon Homeownership Stabilization Initiative website.