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    Facing Foreclosure? The Home Rescue Program provides up to $20,000 in mortgage payment assistance

    You may have options!  First, your home may be worth more than you think!  Contact us for a free market analysis.  From there, we can evaluate your home’s value and discuss your best options.  These may include a full price retail sale, a short sale with relocation assistance, a died in lieu of foreclosure or a state support program such as the Home Rescue Program, detailed below.  Our job, as Realtors, is loyalty and honesty to our clients.  We have your best interests at heart.  Read on about the Oregon Home Rescue Program and other state programs below.

    The following programs available through the Oregon Homeownership Stabilization Initiative

    Home Rescue Program

    The Home Rescue Program provides up to $20,000 in mortgage payment assistance and up to $10,000 in reinstatement benefits to qualified applicants. The program is currently accepting applications from Clatsop, Columbia, Lake, Klamath and Tillamook counties.  As of July 31st the program began accepting applications from all counties in Oregon except for Clackamas, Multnomah and Washington Counties.  The program will begin accepting applications in these three additional counties at noon on August 28th.

    Learn more about the Home Rescue Program here.

    Loan Refinancing Assistance Pilot Project (LRAPP)

    The LRAPP program addresses the needs of homeowners who owe more than their homes are worth. It is focused in Deschutes and Jackson counties, two Oregon counties that have been disproportionately affected by the foreclosure crisis.

    Visit their website here.

    Rebuilding American Homeownership Assistance Pilot Project (RAHAPP)

    RAHAPP provides underwater borrowers in Multnomah County up to $250,000 in home loan capital to pay-off a higher rate loan and substantially reduce their monthly mortgage payment.  To qualify the borrower may not have a loan owned by Fannie Mae or Freddie Mac, they must have a 680 credit score or higher, and they must be current on their existing loan.

    Visit the RAHAPP website to learn more about the program and complete an eligibility questionnaire.

    Oregon Foreclosure Avoidance Program (OFA)

    The Oregon Foreclosure Avoidance (OFA) Program is a mandatory, statewide foreclosure mediation program. Before most lenders can begin foreclosure of a residential trust deed, they must request a face-to-face meeting with the homeowner through OFA. The process is simple. The homeowner pays a fee, meets with a housing counselor, submits documents, and shows up at the meeting. The lender must produce information about the loan and send a representative with complete authority to negotiate and commit to a foreclosure alternative.

    Learn more about the program from a local housing counselor or by visiting the OFA website,www.ForeclosureMediationOR.org

     

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