|
Dear
Friends,
Do you
know someone facing foreclosure? This may be helpful.
Beginning
in January, Oregon – in conjunction with the US Treasury – will begin a
new program to help homeowners keep their homes.
Hanging
onto your home is one of the most fundamental priorities in life. And
I’m very pleased this program is available here.
Here are
the details:
These
are the four programs Homeownership Stabilization Initiative offers:
· Loan
Modification Assistance will help homeowners who are on
the verge of successfully modifying their existing mortgages but require
a small amount of additional financial resources to do so.
· Mortgage
Payment Assistance will help economically distressed
homeowners pay their mortgages for up to one year.
· Loan
Preservation Assistance will provide financial
resources a homeowner may need to modify a loan, pay arrearages, or clear
other significant financial penalties after a period of unemployment or
loss of income.
· Transitional
Assistance
will help homeowners who do not regain employment during the period of
Mortgage Payment Assistance with the resources they need to move to
affordable, most likely rental, homes.
Homeowners
must meet the criteria for each program to qualify for funding, while
funds last. Some recipients may qualify for and use more than one
program. The two main qualifications to be considered are:
· People
who live in their own single-family homes and own no second homes or
rental properties.
· People
with incomes at or below 120 percent of state median income.
|
Household
Size
|
2010
Oregon
Median
Income
|
120%
Median
Income
|
|
1
Person
|
$43,300
|
$51,960
|
|
2
Person
|
$49,400
|
$59,280
|
|
3
Person
|
$55,600
|
$66,720
|
|
4
Person
|
$61,800
|
$74,160
|
|
5
Person
|
$66,700
|
$80,040
|
|
6
Person
|
$71,700
|
$86,040
|
|
7
Person
|
$76,600
|
$91,920
|
|
8
Person
|
$81,600
|
$97,920
|
Based
on HUDs 2010 Median Income for Oregon $61,800
www.huduser.org/portal/datasets/il/il10/State_Incomelimits_Report.pdf
For more
information or if you need assistance now, call 1-800-SAFE NET or visit www.oregonhomeownerhelp.org.
I hope
this information proves useful.
As
always, please feel free to call if we can provide more help.
Sincerely,
Mark
|
900
Court St. NE, H-219, Salem Oregon 97301