Oregon Mortgage Payment Assistance Program Accepting Applications

Oregon was one of 17 states to receive money from a special fund to help states hit hardest by the recession. Oregon Housing and Community Services created the Oregon Homeownership Stabilization Initiative (OHSI). This program is designed to help at least 5,000 Oregon homeowners pay their mortgages up to one year, or up to $20,000, whichever comes first. The application process is open until January 14th http://www.oregonhomeownerhelp.org/

The selection process will be done by lottery and homeowners in need selected from each of the 36 counties in Oregon.

The qualification parameters are as follows:

  1. Household income equal to no more than 120% of the state median income based on household size. See the OHSI web site for income table
  2. First Mortgage date needs to be before January 1, 2009
  3. Homeowner to have verifiable loss of income of 25% or more due to involuntary unemployment or underemployment
  4. Homeowner cannot have more than four months of mortgage payments available as liquid assets (retirement and educational savings accounts are not included in liquid assets).
  5. The home owner cannot have been convicted of any felony larceny, theft, fraud, forgery, money laundering or tax evasion in the past 10 years.
  6. The property has to be a single 1-unit detached dwelling located in Oregon and owner occupied. Townhomes and condominiums do not qualify. Manufactured homes will qualify if the structure is recorded in the county's deed records.
  7. The mortgage balance needs to be less than $729,750
  8. The homeowners who have received notification of a trustee/sheriff sale before February 1, 2010 are ineligible
  9. The homeowner cannot own other residential properties, be actively involved in bankruptcy or submit more than one application to OHSI

For more information please visit the OHSI site.

Additional information