Foreclosure Prevention Resources
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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 Refinancing Assistance Pilot Project (LRAPP)

The Loan Refinancing Assistance Pilot Project (LRAPP) is now available in Crook, Deschutes, Jackson, Jefferson and Josephine counties. This program is designed to address the needs of homeowners in these counties, who suffer disproportionately from the foreclosure crisis in Oregon.

Visit their website here

Rebuilding American Homeownership Assistance Pilot Project (RAHAPP)

Developed in partnership with Oregon’s Senator Jeff Merkley, the Rebuilding American Homeownership Assistance Pilot Program (RAHAPP) aims to provide a new opportunity for underwater homeowners to refinance their mortgage. The program has been expanded and is now available in all Counties statewide.

Visit the RAHAPP website to learn more about the program and complete an eligibility questionnaire.

Oregon Foreclosure Avoidance Program (OFA)

The Oregon Foreclosure Avoidance (OFA) Program is a mandatory, statewide foreclosure mediation program. Before most lenders can begin foreclosure of a residential trust deed, they must request a face-to-face meeting with the homeowner through OFA. The process is simple. The homeowner pays a fee, meets with a housing counselor, submits documents, and shows up at the meeting. The lender must produce information about the loan and send a representative with complete authority to negotiate and commit to a foreclosure alternative.

Learn more about the program from a local housing counselor or by visiting the OFA website, www.ForeclosureMediationOR.org

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.

 Home Affordable Foreclosure Alternatives (HAFA) Program (HAFA)

If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.

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.

Other Resources