There has been talk on the news lately that many people who might qualify for the government program to potentially help pay a year’s worth of mortgage payments do not seem to be taking advantage it. Speculation has been that either 1) People believe it sounds too good to be true, or 2) People don’t know about it.
The following is basic information about the program for you to pass on to someone you love who may qualify (thanks to Naida Paris of The Valley Mortgage Group):
* Have you had a 25% drop in income from 2008 or 2009 and need help with your mortgage payment?
* Please go to www.oregonhomeownerhelp.org . If you are chosen for the program your mortgage payments may be made for 12 months or up to $20,000.
* You do not need to be behind in payments.
* There is no credit report pulled to qualify you.
* There is no debt ratios requirement.
This program is statewide, funded by stimulus funds. You can apply until January 14, 2011. Each County is given an allotment of funds based on their economic need. After you apply online, you will then bring income and asset documentation to your local housing authority to verify the loss of income.