How to Stop a Foreclosure in Portland, Oregon
Foreclosure is always unfortunate. No one wants to lose their home and uproot their family. In addition to the emotional stress of foreclosure, it also has a significant negative impact on your credit. Foreclosure is preventable in Portland, Oregon. There are a variety of federal and state assistance programs designed to stop foreclosure. According to Realty Trac, the foreclosure process takes about five months in Oregon. This is not much time when compared to other states. Seek help right away to stop foreclosure.
Other People Are Reading
Instructions
-
-
1
Call your lender. If you notify your lender that your payments are no longer affordable, you may be able to refinance the loan while you are still current. If you have fallen behind, your lender will likely suggest alternatives to prevent foreclosure, such as a loan modification, repayment plan, forbearance or short sale. The federal Making Home Affordable Program allows qualified homeowners to refinance or modify their loans. You may be required to submit a hardship letter and proof of income. It is important to communicate with the lender to save your Portland home.
-
2
Seek counseling. In Portland there are many nonprofit foreclosure prevention counselors that can help you avoid foreclosure. The Multnomah County Community Housing Resource Center helps low- and moderate-income homeowners resolve their mortgage issues. A foreclosure prevention counselor will review your loan and locate assistance programs for you. The counselor can answer any questions you have about the foreclosure process and alternative solutions. You can obtain a list of additional HUD-approved housing agencies by visiting HUD.gov or the Housing Authority of Portland.
-
-
3
Apply for private assistance. Bienestar is an agency that offers emergency financial assistance to pay housing expenses. They also help Portland residents find employment. The goal is to help homeowners avoid foreclosure while they find work. Bienestar can be reached by calling 503-693-2937. Portland Impact is another organization that helps low-income homeowners with assistance to pay their mortgage. They can be reached at 503-988-6000.
-
1
