Oregon Winding Up Mortgage Aid Program

By Jim McCoy Thu 1st May NewsHome Rescue
The state government is winding up a program that has so far funneled about $120 million into mortgage payments for about 9,500 homeowners whose income suffered in the Great Recession and its aftermath. The federal government gave the state $148 million for the Home Rescue program. State officials say they expect to commit the remaining $28 million by July 1, expecting 1,500 people may sign up. The Bend Bulletin reports (http://bit.ly/1mhgiOp) the program provides up to 12 months of mortgage payments or $20,000, whichever comes first, as well as up to $10,000 to get a mortgage current. Home Rescue was one of three federal aid programs in states considered hardest hit by the real estate collapse of the Great Recession. Oregon is among 18 states and the District of Columbia.

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