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Foreclosure prevention program expands statewide

Program provides up to $20,000 to homeowners


by: SUBMITTED PHOTO - Program is designed to help homeowners who have recovered from financial hardship but have past due payments and fees.Distressed homeowners throughout Oregon can now apply for up to $20,000 to pay off past-due payments and become current on their mortgage.

The Loan Preservation Assistance Program was piloted earlier this year in select Oregon counties and is now available statewide. The program aims to help more than 2,000 Oregon homeowners avoid foreclosure by bringing their mortgages current.

LPA is the newest program from the Oregon Homeownership Stabilization Initiative, and is designed to help homeowners that have recovered from financial hardship but have past due payments and fees that threaten foreclosure. A limited number of program applications will be accepted during two-week cycles, with each cycle beginning on a Wednesday at noon.

To receive assistance, applicants must demonstrate an ability to pay their mortgage and meet several other eligibility criteria. Prospective applicants can take an eligibility assessment, watch instructional videos and apply to the program online at oregonhomeownerhelp.org.

Program applications are coordinated with mortgage servicers, investors, nonprofit intake partners and application processors at OHSI. This cooperation and complexity means that in some cases, assistance may take up to 120 days before delivery.

For approved applicants, the LPA program will make a one-time lump sum payment for the total amount of past due payments and fees owed up to $20,000. Assistance is provided directly to participating service providers. A full list of participating service providers is available at oregonhomeownerhelp.org.

OHSI is funded by the United States Treasury’s Hardest Hit Fund in partnership with Oregon Housing and Community Services. To date, OHSI has provided more than $70 million in assistance to more than 6,000 Oregon homeowners through several assistance programs.

For more information, call 503-986-2025.



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