New Foreclosure Programs Rolled Out to Aid Distressed Homeowners- By: Dywon Erick Dylon
Rate of distressed homeowners suffering from foreclosure crisis is rising. As unemployment and underemployment continue to plague the economy, it is increasingly becoming difficult for homeowners to stay in their homes and they are ultimately defaulting on their mortgage payments. Changes have been made to the Home Affordable Unemployment Program, which is also known as Unemployment Program. According to the new rule, unemployment benefits will only be given to people who qualify under the Unemployment Program compared to the earlier ruling where homeowners who applied under the Home Affordable Modification Program would also receive unemployment benefits.
To deal with such issues, several states across the country are taking additional initiatives to assist homeowners anguished by foreclosures. One such program was rolled out in Oregon. Starting Friday, November 10, a new Mortgage Payment Assistance Program will be launched to aid property owners pay their mortgages. The program aims to try to get the delinquent loan to become current by paying the mortgages on monthly basis up to a year or deliver a maximum payout of $20,000 whichever arrives earliest.
This is an initiative to prevent foreclosure taken by the Oregon Housing and Community Services. The director of Oregon Housing and Community Service, Victor Merced, said on Monday the 6th “While there are not enough resources to serve the great need faced by homeowners in Oregon, we are pleased to have created a solid program that will help smooth the difficult path many families have been travelling.” The program does not serve on a first come first serve basis. Instead, through secure software program, homeowners who are eligible for obtaining the aid will be selected randomly. This gives a fair chance to everybody who applies for the program.
Four programs will be implemented under the Oregon Homeownership Stabilization initiative to prevent foreclosures, and Mortgage Payment Assistance Program is the first one to be executed. To make this program a success, about $100 million of funds have been awarded to the Oregon Housing Community. About 5000 homeowners are expected to receive the aid, which will relieve some of their tension.
Application for this program starts from Dec. 10 to Jan 14, 2011. To be eligible for the program, homeowners should not be making over 120 percent of median income, and should be unemployed or underemployed with 25 percent reduction in annual income.
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