State launches foreclosure prevention program

Published 9:57 am Thursday, August 18, 2016

A foreclosure prevention program called “Home Rescue,” designed to help struggling homeowners pay off their mortgages, launched Wednesday, Aug. 17.

Home Rescue will provide homeowners with “monthly mortgage payments for up to one year (12 payments with a total maximum benefit of $20,000) and can also provide a reinstatement benefit to bring a mortgage current (up to $15,000),” according to a press release from Oregon Housing and Community Services.

In order to be eligible, applicants must prove a 10-percent reduction in projected 2016 income compared to any tax year between 2009 and 2015.

Funding for Home Rescue is provided by the United States Treasury’s Hardest Hit Fund, which allocated $220 million to the state in 2010 and $94.5 million in 2016 to aid with foreclosure prevention programs.

Homeowners can get more information and apply for Home Rescue at OregonHomeownerHelp.org.

Marketplace