Foreclosure Prevention Assistance to 5,000 Eligible Oregon Homeowners: Application start 12/10/2010!
If you’ve lost 25% of your income due to unemployment or verifiable redution in income, keep reading.
For Oregonians who meet all of the criteria, a one-hundred million dollar Mortgage Payment Assistance Program (MAP) may give a much needed break to 5,000 eligibleB home owners.
The application process begins 12/10/2010 on line and Oregonians have one month to complete the process.B Here are a few of the requirements for eligibility:
- The householdb s income cannot be equal to or more than 120 percent of state median income. A homeowner who has an Oregon bond loan meets this test. For details, see the State Median Income Table above.
- Home owners current first mortgage must have been in place prior to January 1st, 2009
- Home owners must be unemployed or have verifiable drop in income of at least 25%
- Home owner cannot have more than 4 months of mortgage payments available in liquid assetts (retirement and education accounts are okay)
- Home owner must sign an affidavit stating financial hardship
- Qualifying residence must be owner occupied, single-detached house (condos and attached homes do not qualify) being used as primary residence.
- The list of exclusions, a quick ‘do I qualify test’ B and additional application info can be found on the Oregon Home Owner Help website.
- Qualified home owners with accepted applications will go into a ‘lottery’ for 5,000 MAP spots where MAP will pay the qualified mortgage for 1 year or up to $20,000 whichever comes first!
Check out Portland Metro Real Estate by area: Portland City CenterB , Portland West Hills, Northwest Portland, Southwest PortlandB and all other metro areas at www.athomeinpdx.com under the ‘Portland Real Estate’ tab.