Are you currently unemployed and in need of mortgage assistance? [Statewide]

Are you struggling to make your mortgage payments? Have you recently fallen behind in your payments? If you fall into either of these categories and are currently receiving unemployment benefits, you may be eligible to apply for the Mortgage Payment Assistance Unemployment (MPA-U) Program. A part of the Oregon Homeownership Stabilization Initiative, the program provides for up to one year of mortgage payments, or $20,000, whichever comes first. The funds are available statewide in the form of a five-year forgivable loan. Twenty percent of the principal is forgiven each year with a five-year maturity subject to the homeowner continuing to reside in the property.

How does it work?

A certain dollar amount becomes available for each county in Oregon on a pre-set two-week cycle, beginning on Wednesdays at noon when online applications become available. The next application cycle begins Wednesday, May 16. Homeowners who wish to apply must begin the application process by the following Tuesday and submit their application by the Friday of that second week. If homeowners find out that all the funds were used up before their application was processed, they are encouraged to apply again during a subsequent cycle.

To find out if you may be qualified for a loan through the MPA-U program, you can take the online eligibility exam. A list of the mortgage servicers who participate in the MPA-U program is listed on the OHSI website. Assistance can only be given to people whose mortgage loans are serviced by participating lenders.

Homeowners who would like to apply but who do not have internet access can use computers at their local WorkSource offices. Click here to find out where the office in your area is located. For homeowners who would like to apply but need additional assistance or assistance in Spanish can contact the HUD-certified housing counselors listed on the OHSI website.

Where does the money come from?

In 2010, the U.S. Department of Treasury awarded Oregon $220 million as part of the Troubled Asset Relief Program to be used for foreclosure prevention. Oregon received this money due to its high unemployment rate. The Treasury gave Oregon the opportunity to design its own programs in response to its unique housing needs, both in urban and rural areas of the state.

Since the inception of the MPA-U Program, over 4,500 homeowners have received assistance.

The MPA-U is one of three programs the state has developed or is in the process of developing. Another OHSI program, called the Loan Preservation Assistance Program, is set to launch this summer. It will assist homeowners who have regained employment or recovered from financial distress to ensure their home loans become, or remain, affordable.

The third program, the Loan Refinancing Assistance Pilot Project, is in development. Once it is ready to go, it will assist underwater homeowners in Deschutes and Jackson counties who have regained employment or recovered from financial distress.