Aid Program For Underwater Homeowners Expanding Statewide After Portland Area Pilot

Dated: March 6 2014

Views: 2107

A state program designed to help underwater homeowners will be expanded statewide after an eight-month pilot test in the Portland area, officials said Wednesday.

The Rebuilding American Homeownership Assistance Pilot Program allows participating homeowners to refinance, lowering their monthly payment or paying down their loan more quickly, even when their homes are worth less than their mortgage debt. It’s similar to the federal Home Affordable Refinance Program, but it’s open to homeowners who aren’t eligible for that program because their loans aren’t backed by government-sponsored mortgage giants Fannie Mae or Freddie Mac.

The program has been slow to catch on in Oregon’s three most populous counties. Only 14 homeowners have successfully used the program to refinance, according to theOregon Housing and Community Services Department, which oversees the program. Read More Here... 
cb
Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

10 Ways To Save On A Kitchen Remodel

A kitchen remodel is among the most popular renovation projects for homeowners, but it can quickly become the most expensive. According to HomeAdvisor, the average kitchen remodel costs $25,656, or

Read More

6 Mortgage Tips For Single Homebuyers With Children

If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase

Read More

How To Deal With Unsolicited Offers

If you’re one of those lucky people who own a home in a “hot” area, it’s a pretty sweet feeling. You made a good real estate call. If you decide to sell, all signs point to it being an easy

Read More

Homebuying And Mortgage Guide For Singles

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But

Read More