State To Wind Down Foreclosure Aid Program As Federal Funds Dwindle

Dated: April 30 2014

Views: 539

Having spent most of the $220 million it received from the federal government for foreclosure aid programs, Oregon plans to wind down the biggest of them over the next two months.

The state's Home Rescue Program is designed to help laid off workers, or those who have seen their income drop for other reasons, stay in their homes by bringing them current on missed payments and making up to a year's worth of mortgage payments. It will continue to take applications through June.
Oregon Housing and Community Services, which oversees the state's foreclosure aid efforts, said versions of the program had helped more than 9,500 homeowners since 2011, to date committing a total of $120.6 million. The homeowners received an average of $10,219 in aid, and 94 percent were able to stay in their home for 24 months after entering the program.

The program could reach another 1,500 homeowners before it closes, the agency said. 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 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

The Biggest Myths About Moving To The Suburbs

For generations, people have been drawn to big-city life by the irresistible lure of career opportunities, cultural riches, and the sheer excitement of rubbing shoulders with hundreds of thousandsâ€

Read More

Home Price Index Sees Greatest Gain In Over 2 Years

The S&P CoreLogic Case-Shiller index of home prices in 19* U.S. cities rose 5.7% in August from a year ago, the greatest year-over-year gain since 2018, driven unsurprisingly by tightened supply

Read More

6 Home Upgrades Buyers Want In The COVID19 Era

If you imagined 2020 was the year you would finally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.But now, we’re more than six months

Read More

Builder Confidence Breaks Previous 35 Year Record High

The National Association of Home Builders and Wells Fargo Housing Market Index rose two points to 85 in October – the highest score the series has ever recorded since its inception 35 years ago

Read More