Aid Program For Underwater Homeowners Expanding Statewide After Portlandarea Pilot

Dated: 03/11/2014

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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 the Oregon Housing and Community Services Department, which oversees the program.  Read more...
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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 25+ years in the industry, Mark has gained experience in....

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