Are you behind on your mortgage payments? Facing foreclosure? The Oregon Homeownership Stabilization Initiative (OHSI) has a program that could help you stay in your home. The Home Rescue Program is intended to help homeowners who are struggling to keep up with their mortgage payments, or who have already fallen behind. The program can provide up to one year of mortgage payments with a maximum benefit of $20,000. The payments take the form of a five-year forgivable loan, which means that at the end of five years, if you don’t sell the property, you owe nothing.
Application slots are limited, but don’t let this stop you from looking into this amazing opportunity. Applications are accepted in two-week cycles on the first Wednesday of each cycle. You can check out your eligibility and download an application submission checklist ahead of time to make sure you are prepared, have access to the needed documents and are ready to apply when the time comes. If you do not secure one of the slots, you can always try again in two weeks. It is worth it to be persistent. There is help available if you feel intimidated by the application or are confused by the process.
Once your application is accepted, the state will work directly with your loan servicer. A list of participating servicers is available here.
The basics of applying are presented in an easy to follow video found here: 2016 Home Rescue Application Guide.
You can also read more about the program at the OHSI website.