A new state program to prevent home foreclosures launches today in 33 Oregon counties.
The Home Rescue Program will provide a year’s worth of mortgage payments, up to a total of $20,000, and up to $10,000 in back payments to bring mortgages current.
The Eugene Register Guard reports that the program aims to provide help to about 25-hundred homeowners.
The Oregon Housing and Community Services agency started accepting applications online today at noon.
To qualify, applicants must be able to show that their income is at least 10 percent lower than it was in 2011 or 2012, and meet other eligibility requirements.
But you do not have to be behind on your mortgage payments to qualify.
Only 100 homeowners will be accepted in the first round, because it will take time to process the applications.
Multnomah, Clackamas and Washington Counties will be added to the program later.
*courtesy of OPB
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