New state program to help homeowners avoid foreclosure
The state of Oregon announced Monday a new foreclosure prevention program will launch statewide on Wednesday at noon. The program, called “Home Rescue,” will provide assistance to homeowners struggling to pay their mortgage.
Home Rescue will provide struggling homeowners with monthly mortgage payments for up to one year (12 payments with a total maximum benefit of $20,000) and can also provide a reinstatement benefit to bring a mortgage current (up to $15,000).
Homeowners interested in the program can apply online by visiting www.OregonHomeownerHelp.org. The website has an eligibility questionnaire and instructional video to help homeowners learn more about the program and guide them through the application process.
To qualify, applicants must be able to demonstrate at least a 10% reduction in projected 2016 income compared to any tax year between 2009 and 2015. Additional information about eligibility requirements and the application process can be found at www.OregonHomeownerHelp.org.
Every two weeks at noon, the program opens a limited number of new opportunities to apply and will continue this cycle until all program funds have been exhausted.
The Home Rescue program aims to provide assistance to approximately 3,500 homeowners across Oregon. Funding for Home Rescue is provided by the United States Treasury’s Hardest Hit Fund, which allocated $220 million to Oregon in 2010 and an additional $94.5 million in 2016 for the administration of foreclosure prevention programs.
Oregon Housing and Community Services administers Hardest Hit Fund programs through the Oregon Homeownership Stabilization Initiative (OHSI). To date, OHSI has provided more than $200 million in assistance to more than 12,000 homeowners. Performance reports for OHSI are available online at www.OregonHomeownerHelp.org.
OHSI customer service can be reached via email at Homeowner.Help@oregon.gov or by phone at 503-986-2025. OHSI partners with local housing nonprofits throughout the state to provide program delivery
