There is big news for unemployed homeowners in Oregon. In partnership with the United States Treasury, the State of Oregon has created the Oregon Homeownership Stabilization Initiative (OHSI). OHSI will soon launch a program called Mortgage Payment Assistance to help unemployed or financially distressed homeowners pay their mortgage.
The Mortgage Payment Assistance Program will pay one year of mortgage payments or $20,000, whichever comes first. Out of the tens of thousands of unemployed and under-employed homeowners in danger of losing their homes, 5,000 across the state will benefit. This is not a first-come, first-served program, however. Beneficiaries will be chosen by lottery over a several week-long application period.
The application for this program will be available on December 10, 2010 at http://www.oregonhomeownerhelp.org/.
You can also take a brief test to find out if you qualify for the program and sign up for a newsletter to receive additional updates about this and future programs offered by OHSI for Oregon homeowners.