Oregon mortgage help and foreclosure assistance

Oregon Housing and Community Services (OHCS)

This government agency provides foreclosure assistance and prevention services to homeowners who are faced with losing their home to a mortgage default or foreclosure filing. They offer free counseling, advice, and other services. Learn more about how Oregon Housing and Community Services can provide you with mortgage and foreclosure help.

Hardest Hit Fund

Oregon has received almost $100 million that will be used as part of the so called Hardest Hit Fund. The program will offer homeowners across the state access to five different resources that can provide mortgage assistance as well as foreclosure prevention tactics. The state agency of Oregon Housing and Community Services will be managing the program for the state. Read more on the Oregon Hardest Hit Fund.

Non-profit agencies in Oregon

The federal government has certified non-profit agencies across Oregon as HUD approved counseling centers. They offer extensive counseling, mortgage, and foreclosure assistance. More on Oregon HUD non-profit agencies.

 

 

 

Foreclosure Mediation from Senate Bill 628

Home owners in Oregon can request a mediation session with their lender after they have missed their monthly mortgage payments and if they defaulted on their loan. The foreclosure mediation law requires that mortgage lenders meet with borrowers before foreclosing on their home, in an effort to find a solution. They need to meet with borrowers within a timely fashion to try to come up with a loan modification.

In addition to meeting with the homeowner, the bank or mortgage lender needs to submit an affidavit that they complied to the law and procedures explaining why the borrower does not qualify for an alternate payment plan or some type of mortgage modification. The lender is required to respond to a borrower in 45 days or fewer.

In addition, mediators will also be available to run calculations to find out if the borrowers could qualify for a loan modification if a mediator is needed. If the mediator decides the borrower should get a loan modification and that they are qualified, the lender will then either have to grant it or face a penalty that would make it difficult to proceed with the foreclosure process. Click here to get more information.

 

 

Countrywide assistance for Oregon homeowners

Countrywide Financial Corp. has agreed to settle mortgage lawsuits and fraud claims in Oregon by modifying about 5,000 Oregon mortgages and paying over $1 million to the state to provide mortgage and foreclosure relief. Oregon Attorney General John Kroger announced the settlement and mortgage assistance from Countrywide on Thursday.

The agreement between the state and Oregon settles potential legal claims related to Countrywide’s involvement in a national mortgage fraud scandal. In addition to the cash payments and modifying terms, Countrywide has agreed to stop offering risky subprime mortgage loans and also stop funding loans that require little or no income documentation.

Countrywide has also agreed to modify interest rates and mortgage loan terms for Oregon households that obtained questionable mortgages from Countrywide. The company estimates the agreement will provide overall assistance of over $90 million in economic relief.