Oregon to Launch New Mortgage Aid Program

July 29, 2013
Oregon Live  
mortgage lending news

The Home Rescue Program, a revived mortgage assistance effort administered by the Oregon Homeownership Stabilization Initiative, will begin to accept applications from most counties this week. The program will cover up to one year of mortgage payments, capped at $20,000, and apply up to $10,000 toward bringing a delinquent mortgage back into good standing. To qualify for aid, homeowners must document a 10 percent reduction in income this year compared to 2011 or 2012. The program opens July 31 to all Oregon counties except Multnomah, Clackamas, and Washington. Those three counties will be included starting Aug. 28. The program is expected to help about 2,500 homeowners.
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