BEND, Ore. (KTVZ) -- Nearly half of Central Oregonians are housing cost-burdened: they spend more than 30% of their income on housing expenses. This financial vulnerability puts households at greater risk for bankruptcy or foreclosure.
Two grants recently awarded to NeighborImpact will help support housing retention for low income homeowners by providing post-purchase counseling and foreclosure prevention services to Central Oregon residents.
The grants were awarded by the Central Oregon Association of Realtors and by Meyer Memorial Trust, a tax-exempt private foundation.
NeighborImpact's HomeSouce program will provide financial coaching or counseling, working with homeowners to supplement mortgage payments through loan modifications, forbearances and other workout options.
Counselors will determine the specifics of all available options with lenders and help to implement them as early as possible. That process involves education, early detection of delinquency, providing financial training and supporting clients' negotiation with lenders. Counselors will consider different households' cases according to their unique circumstances.
Unique scenarios present opportunities for creative solutions to avoid foreclosure or exit with dignity.
"There are many reasons why people may find themselves in an unstable homeownership situation, and being able to identify and work together for a solution it enormously beneficial both to the particular individual, as well as to the community," said Sonia Capece, NeighborImpact HomeSource Director.
A home is often a family's most valuable possession, and preventing foreclosure keeps residents in their homes; preserves communities; prevents homelessness; and increases children's safety, self-esteem and educational outcomes.
The program targets low-income households (under 80% AMI) subject to foreclosure, prioritizing persons over age 60. NeighborImpact has three certified Housing and Urban Development counselors on staff and also has the ability to provide counseling services remotely.
"If you are feeling stress and worry about paying your mortgage or the costs associated with your home are keeping you up at night-come see us-sooner rather than later," said Capece. For more information or to fill out an intake form, please visit https://www.neighborimpact.org/homeowner-help/foreclosure-prevention-mediation/
About NeighborImpact: Since 1985, NeighborImpact has been a leader in developing solutions and bringing resources to Crook, Jefferson, Deschutes County and the Confederated Tribes of Warm Springs. The agency offers a diversity of services meeting basic human needs for food and shelter, while enriching people's lives by providing access to increased education, skills, and hope for the future. NeighborImpact is a private nonprofit organization that receives federal, state and local grants, foundation grants and donations from individuals and businesses in our community. To learn more about NeighborImpact, please visit www.neighborimpact.org.