Distressed homeowners in all Oregon Counties can now apply for the Loan Preservation Assistance program at www.oregonhomeownerhelp.org. Funding will be diverted to other parts of the state if Central Oregon homeowners do not act.
Loan Preservation Assistance is the newest program offered by the Oregon Homeownership Stabilization Initiative designed to help Oregon homeowners that have recovered from a financial hardship but have past-due payments threatening foreclosure. The Loan Preservation Assistance program will preserve their existing mortgage by paying off past due payments and fees in order to bring their mortgage current. By doing so, homeowners are more likely to avoid foreclosure. NeighborImpact, with offices in Bend, Redmond, Madras, and Prineville, can help homeowners apply for this funding.
For qualified applicants, the Loan Preservation Assistance program will make a one-time payment for the total amount of past due payments and fees up to $20,000, the maximum dollar limit, which will be sent directly to their mortgage lender or servicer to bring their mortgage current.
“We are very happy to help our neighbors avoid foreclosure,” said Laura Fritz, Housing Director at NeighborImpact. “We are here to assist homeowners through the application process, answer questions and most importantly listen.”
The Loan Preservation Assistance program has new opportunities to apply every two weeks on Wednesdays at noon, please check the program page at www.oregonhomeownerhelp.org or contact NeighborImpact for availability schedule. The program was initially available as a pilot in Benton, Polk and Yamhill counties and is now available to all Oregon counties. The Oregon Homeownership Stabilization Initiative website provides helpful information about the application process, including a how-to video that answers the most common questions about the program. To learn more watch the “How to Apply” video and take the eligibility questionnaire and to apply visit www.oregonhomeownerhelp.org.
Once launched statewide, the Loan Preservation Assistance program aims to help an estimated 2,000 Oregon homeowners avoid foreclosure. The Oregon Homeownership Stabilization Initiative is managed by Oregon Housing and Community Services and has already provided more than $60 million in assistance to more than 4,500 Oregon homeowners.
Homeowners without internet access can visit the following local office or call 503.986.2025 for alternative solutions.
About NeighborImpact: Since 1985, NeighborImpact has been a leader in developing solutions and bringing resources to Crook, Jefferson and Deschutes County. It offers a diversity of services meeting basic human needs for food and shelter, while enriching people’s lives by providing access to increased education, skills, and hope for the future. NeighborImpact is a private nonprofit organization that receives federal, state and local funding; foundation grants; and donations from individuals and businesses in our community. To learn more about NeighborImpact please visit www.neighborimpact.org.
