Struggling with your mortgage payments?

At 211info some of the most heartbreaking calls have been getting in the past months are from people who are losing their homes because they cannot afford their mortgage.

Oregon has a new plan for combating foreclosure, the Oregon Homeownership Stabilization Initiative (OHSI). This is fantastic resource for Oregonians. No one who needs assistance should miss out because they don’t know about it or unsure about the facts.

Mortgage Payment Assistance (MPA) is the first OHSI program. It will help at least 5,000 Oregon homeowners pay their mortgages for up to one year, or up to $20,000, whichever comes first. It is the largest of OHSI’s programs, funded at $100,000,000.

OHSI has set up a great website where people can apply for programs, determine eligibility and read frequently asked questions.

In Multnomah County, you can dial 211 and press 8, when prompted, to connect to the local MPA call center. Numbers vary in other counties but you can always dial 211 and we will put you in contact with the folks who can help.

Here are some useful FAQs from the OHSI website for some background:

What is the Oregon Homeownership Stabilization Initiative (OHSI)?
The Oregon Homeownership Stabilization Initiative is the name of Oregon’s new foreclosure prevention programs. The US Department of Treasury gave 17 states—including Oregon—money from a special fund for states hit hardest by the recession. Oregon was on the list because of its high unemployment rate. Oregon Housing and Community Services created OHSI to deliver programs throughout the state to help prevent foreclosures.

How can I apply for Mortgage Payment Assistance?
The application for Mortgage Payment Assistance is available right now at www.oregonhomeownerhelp.org.

Will homeowners who receive Mortgage Payment Assistance have to pay it back?
It depends, but it is unlikely. Mortgage Payment Assistance payments will be five-year, forgivable, interest free, non-recourse loans. OHSI will defer all payments and forgive 20 percent of the balance each year. If homeowners who receive Mortgage Payment Assistance sell or refinance their homes or refinance within five years, they may have to repay some of the assistance.

What is the application process?
Homeowners must first complete an online application. After they complete that application they will meet face-to-face with an advisor at an Intake Agency in their county. At that point, homeowners will be reviewed and submit documents that support their application.

What if a homeowner doesn’t have Internet access?
Homeowners should call their county’s local intake agency [Dial 211 toll-free in Multnomah County]. Those agencies will be ready to provide computer access and assistance to homeowners.

Locally, 211info has partnered with Hacienda CDC to help people apply for programs that will help get their mortgages paid.

If you would like to spread the word about this great program, feel free to share this blog post or download some great resources from the OHSI website.

Do you have any interesting ideas about how to spread the word about this necessary program?