Distressed homeowners in Linn and Lincoln Counties can now apply for the Loan Preservation Assistance program at www.oregonhomeownerhelp.org.
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.
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.
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 for availability schedule. The program was initially available as a pilot in select counties, but is now open to all homeowners in the state of Oregon. Community Services Consortium is the local program provider for homeowners in Linn County at our Albany office, and in Lincoln County through our Newport office.
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 Community Services Consortium in Albany at 250 Broadalbin Street SW, Suite 2A or in Newport at 120 NE Avery Street or call 503.986.2025 for alternative solutions.
