For At-Risk Homeowners
If you are concerned about your ability to afford your house payment and worry about keeping your home, you may consider yourself at-risk of foreclosure. Fortunately, there are many different state and federal programs that can help you avoid foreclosure. To ensure you take full advantage of the available foreclosure avoidance resources, click on the tabs below to learn more about these programs and to determine if they apply to your situation.
State Programs
The following programs available through the Oregon Homeownership Stabilization Initiative
Loan Preservation Assistance (LPA)
The LPA program provides up to $20,000 in assistance toward "re-instatement" (bringing the loan current by paying off past due payments, interest and fees owed to the loan servicer) for an estimated 2,000 eligible homeowners across the state.
Visit their website here.
Loan Refinancing Assistance Pilot Project (LRAPP)
The LRAPP program addresses the needs of homeowners who owe more than their homes are worth. It is focused in Deschutes and Jackson counties, two Oregon counties that have been disproportionately affected by the foreclosure crisis.
Visit their website here.
Mortgage Payment Assistance – Unemployment (MPAU)
The MPAU program offers up to $20,000 in forgivable loans for homeowners statewide who are currently unemployed and receiving unemployment benefits.
Visit their website here.
Federal Programs
Making Home Affordable, an official program of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development, offers these assistance programs:
Home Affordable Modification Plan (HAMP)
If you are not unemployed, but you're still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program. HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long term.
Visit their website here.
Home Affordable Refinance Program (HARP)
The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages, even if they owe more than the home's current value. If you're current on your mortgage, with or without equity, this program allows you take advantage of current market rates – even if you are "underwater".
Visit their website here.
FHA – Home Affordable Modification Program
If you have an FHA-insured home loan and are unable to pay your mortgage, you may qualify for the FHA-Home Affordable Modification Program. Its purpose is to help at-risk homeowners lower their monthly mortgage payments to a sustainable level
Visit their website here.
Veteran's Administration - Home Affordable Modification
If you have a loan that is insured or guaranteed by the Department of Veterans Affairs (VA), you may be eligible for this program. Its focus is to lower monthly mortgage payments to 31% of verified monthly gross (pre-tax) income, making monthly mortgage payments much more affordable.
Visit their website here.