Oregon’s 2016 Home Rescue Program is for homeowners who are current on their payments.
Oregon’s 2016 Hardest Hit Funds goes to homeowners who are current or almost current on their payments.
In 2010, the US Department of Treasury awarded Oregon $220 Million in Troubled Asset Relief Program dollars for foreclosure prevention as part of the “hardest hit” program.
Oregon received this money because of high unemployment. The Treasury awarded Oregon the opportunity to design its own programs in order to respond to the unique housing needs in the state, both rural and urban. Back in 2010 until recently, these funds were available for just the hardest, of the hardest hit counties in Oregon. Now funds are available for people in all counties in Oregon.
According to the Oregon Mortgage Payment Assistance Program website if you meet the criteria you may qualify for assistance through one of these three programs:
- Mortgage Payment Assistance – Mortgage Payment Assistance Unemployment program – now open for applications statewide. The Mortgage Payment Assistance Program assists unemployed or financially distressed homeowners by providing full monthly mortgage payments. The program makes up to 12 months of mortgage payments or $20,000, whichever comes first.
- Loan Preservation Assistance – now open for applications statewide. The Loan Preservation Assistance program will assist homeowners who have regaine
d employment or recovered from financial distress to ensure their home loans become, or remain, affordable. Program will pay up to $20,000 to cover past due payments or fees incurred during a period of unemployment or financial distress in order to bring their mortgage current. The program will serve as an exit path for recipients of Mortgage Payment Assistance.
- Loan Refinancing Assistance Pilot Project – The Loan Refinancing Assistance Pilot Project assists underwater homeowners who have regained employment or recovered from financial distress, and demonstrate the ability to afford a loan reflective of the current value of their home.
If you’d like to talk more, or learn more about the Hardest Hit Funds, please write or call Grateful Nuts Homes, write you congressman, go to your state’s website, or contact your local agency non-profit agency. All states participating in the Hardest Hit Funds can be reached through the US Treasury web link: https://www.treasury.gov/initiatives/financial-stability/TARP-Programs/housing/hhf/Pages/default.aspx