Help for Homeowners: Homeowners are starting to feel the effects of a possible economic downturn. The number of foreclosures is rising, however, they remain lower than in 2008 or even before the pandemic.
Help for Homeowners as Foreclosure Rate Seeing ‘small but Steady Increase’
“Foreclosures are on the rise, according to Oregon Housing and Community Services (OHCS) assistant director Kim Freeman. It’s not quite back to where it was before the epidemic, or even before the Great Recession and the subsequent mortgage crisis of 2008, but it is rising steadily.
Foreclosures increased by 57% in October from a year ago, data firm ATTOM reports.
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Those having trouble making their monthly payments should seek assistance, according to Freeman. OHCS operates a network of home ownership centers all around Ohio.
“Freeman stated, “They have counselors available in all 36 counties.” If you’re having trouble making your mortgage payment, a housing counselor can help. These professionals are trained to be impartial resources for assessing your financial condition. Afterward, if you find yourself in a position where you need help avoiding foreclosure once more, you’ll be able to consult with a housing counselor who will advocate on your behalf with your lender.
The federally financed Homeowner Assistance Fund is currently one of the options offered to Oregon residents (HAF). People whose livelihoods were threatened by the epidemic were given $9.961 billion to enable them to continue living in their own homes.
The state of Oregon got $90 million.
Assistant Director of Homeowner Assistance Programs Ryan Vanden Brink is assisting Oregonians in their pursuit of this funding.
Vanden Brink explained that the federal government has a program called the Homeowner Assistance Fund to help people who have fallen behind on their mortgage payments due to the pandemic. There is a fund called the Homeowner Assistance Fund that can help people get caught up on their mortgage payments, HOA property taxes, and other housing bills.
There are both income and pandemic-related financial loss requirements for HAF assistance.
However, the allowances are quite generous.
For example, a family of four in the tri-county area can qualify for help with late mortgage payments and other housing expenditures if their annual income is no more than $159,750. The maximum annual income for that same household in that same location to qualify for help with mortgage payments is $106,500.
The maximum amount of aid a family can receive from HAF is $60,000.
Oregon Housing and Community Services (OHCS) will pause accepting new applications for the Oregon Homeowner Assistance Fund (HAF) Program at 11 a.m. on Nov. 30. This pause will allow OHCS to process current applications in its pipeline, allow for mi… https://t.co/ojN1Kb2DwH
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Wells Fargo’s Martin P. Sanchez, vice president of mortgage sustainability, says troubled borrowers should also turn to their lenders for assistance. They may qualify for a temporary payment suspension.
“The most important thing,” Sanchez said, “is to contact your lender, your servicer directly to ask for assistance” if you are having trouble keeping up with your mortgage payments.
Sanchez emphasizes that supplementary aid is available for underrepresented communities.
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Specifically for tribes and tribal housing entities, the Treasury set aside $498 million. Department of Homeland Security and Alaska Natives to assist with housing needs.
More details on that can be found on this Wells Fargo page.
A senior economist at ECONorthwest advises reducing your spending to avoid foreclosure. He says that a family of four may save $150 per week by not going out to restaurants.
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