Oregon Housing and Community Services (OHCS)
The government agency provides services to help homeowners keep their homes or find new homes if they are facing foreclosure. They provide free counseling, advice, and other services. If you are struggling with your mortgage or are at risk of foreclosure, Oregon Housing and Community Services may be able to help. They offer mortgage counseling and other support services to help people keep their homes.
Hardest Hit Fund
Oregon is receiving $100 million from the Hardest Hit Fund. The program will offer homeowners across the state access to five different resources that can provide mortgage assistance in the form of loans and grants, as well as foreclosure prevention tactics. The program will be managed by the state agency of Oregon Housing and Community Services. The Oregon Hardest Hit Fund was established to help homeowners who are struggling to make their mortgage payments due to financial hardships. The fund provides assistance in the form of mortgage payments for up to twelve months.
Non-profit agencies in Oregon
The federal government has approved non-profit agencies across Oregon as HUD counseling centers. They offer a lot of help with things like mortgages and foreclosures, and much of it is free. There are many HUD-approved non-profit agencies in Oregon that can help with housing needs. These agencies can help with things like finding affordable housing, getting financial assistance for housing, and more.
Portland Oregon mortgage delinquency counseling
There are several non-profit housing counseling agencies in Multnomah County and the greater Portland area that offer a variety of assistance programs. If you are struggling to pay your mortgage, there are organizations that can provide free or low-cost counselling. They can also help you understand what options are available to you. The city of Portland offers assistance to homeowners who are facing foreclosure. This assistance can take the form of financial assistance, counseling, and other services. Homeowners who are at risk of losing their home should contact the city’s Foreclosure Prevention program for more information.
Foreclosure mediation from Senate Bill 628
Home owners in Oregon who have missed their monthly mortgage payments and defaulted on their loan can request a mediation session with their lender. Before a mortgage lender can foreclose on a borrower’s home, they are required to meet with the borrower to try and find a solution. They need to meet with borrowers in a timely way to try to come up with a loan modification.
The bank or mortgage lender has to fill out a form explaining why the borrower does not qualify for an alternate payment plan or modification to the mortgage. The lender must respond to a borrower’s request within 45 days or less.
This means that there will also be people available to help figure out if the borrowers would be eligible for a loan modification. The mediators will sit down with both parties and try to come to an agreement on how to split the property. If they are unable to agree, then an attorney or mediator will be brought in to help. If the mediator believes the borrower deserves a loan modification and meets the qualifications, the lender must provide the modification or face a difficult penalty that could halt the foreclosure process. This will take you to a page with more information.
Mediation has become a law in Oregon
As well as the senate bill, another law has been passed which makes foreclosure mediation mandatory in Oregon. Homeowners have the right to work with their lender and a third party mediator to try to find a solution to their housing crisis. Many services are offered either at a low cost or for free. If you’re facing foreclosure in Oregon, you may be able to participate in a mediation program. This program gives you the chance to sit down with your lender and work out a plan to keep your home.
Countrywide assistance for Oregon homeowners
Countrywide Financial Corp. has agreed to settle mortgage lawsuits and fraud claims in Oregon by modifying about 5,000 Oregon mortgages and paying over $1 million to the state to provide mortgage and foreclosure relief. The Oregon Attorney General’s office announced a settlement with Countrywide that will provide mortgage assistance to Oregonians.
The agreement between the state and Oregon prevents either side from taking legal action relating to Countrywide’s role in a national mortgage fraud scandal. As well as agreeing to pay cash and change the terms, Countrywide has agreed to stop offering subprime mortgage loans that are risky and also stop funding loans that need very little or no income documentation.
This means that Countrywide has agreed to change the interest rates and mortgage loan terms for Oregon households that got mortgages that were not fair. If this happens, the interest rates for thousands of borrowers will go down. The company estimates that the agreement will provide assistance of more than $90 million in economic relief.
Government aid from Home Rescue Program
This program was created using money from the hardest hit fund, which is a fund set up by the federal government to help people who have been affected by the pandemic. If you are an Oregon homeowner who has lost hours or income, or who is underemployed, the state can help you pay any outstanding balance on your mortgage and also provide funds for future mortgage payments. This means that there are certain income requirements that applicants must meet. Foreclosure counseling is typically provided to help people throughout the foreclosure process. This expression means that you should continue to learn about a subject or skill, even after you think you know everything there is to know about it.