The Oregon Homeownership Stabilization Initiative is offering a Mortgage Payment Assistance program that will help 5,000 unemployed or financially distressed homeowners in Oregon pay their mortgage for up to one year. 195 of those recipient homeowners will be from Yamhill County, says local mortgage broker Naida Paris of The Valley Mortgage Group.
What is the Oregon Homeownership Stabilization Initiative (OHSI)?
The Oregon Homeownership Stabilization Initiative is the name of Oregon’s new foreclosure prevention programs. The US Department of Treasury gave 17 states—including Oregon—money from a special fund for states hit hardest by the recession. Oregon was on the list because of its high unemployment rate. Oregon Housing and Community Services created OHSI to deliver programs throughout the state to help prevent foreclosures.
What is the Mortgage Payment Assistance Program (MPA)?
Mortgage Payment Assistance is the first OHSI program. It will help at least 5,000 Oregon homeowners pay their mortgages for up to one year, or up to $20,000, whichever comes first. It is the largest of OHSI’s programs, funded at $100,000,000.
How can I apply for Mortgage Payment Assistance?
The application for Mortgage Payment Assistance is available right now at www.oregonhomeownerhelp.org.
How long do homeowners have to apply?
Homeowners will have from Dec. 10, 2010 to Jan. 14, 2011 to complete the online component of their applications. Intake appointments will continue until January 16th.
How will the state choose who gets help paying their mortgages?
All eligible applications will be in the drawing. At the end of the application period, 36 individual random drawings will be held – one for each county. Each county has a number of “slots” for Mortgage Payment Assistance. Holding a drawing for each county ensures that the number of applications in any one county does not impact the odds of selection in another county.
Naida also advises those who are behind in their mortgage payments to contact their housing authority in February to set up counseling for Loss Mitigation – mortgage modification. The counselors are free and can really help people who are having trouble contacting their lenders. You can reach the Housing Authority of Yamhill County at (503) 883-4300 or Toll Free (888) 434-6571.
Call Naida Paris with any mortgage questions!
The Valley Mortgage Group
Office 503.538.1072 Fax 503.538.6682