The Administration’s Hardest Hit Fund and Neighborhood Stabilization Programs have fueled local foreclosure prevention efforts and market stability, while nearly35,000 households have received mortgage modifications, many directly through Administration programs. Treasury provided $220 million to Oregon to provide assistance to struggling homeowners through the Hardest Hit Fund. The number of homeowners benefitting from the program has continued to increase, with Oregon reporting more than 80 percent of program funds already committed or spent on behalf of struggling homeowners.Moreover, approximately $ 13.1 million has been awarded to the Portland metropolitan area through HUD’s Neighborhood Stabilization Program to help purchase or redevelop residential properties and address the effects of abandoned and foreclosed housing. Both programs have helped provide increased stability to Portland and the state of Oregon.
In addition, nearly 7,000 Oregon homeowners are currently benefiting from over $450 million in refinancing, short sales and completed or trial loan modifications, including principal reduction on first and second lien mortgages provided under the landmark National Mortgage Servicing Settlement. Nationwide, the settlement has provided more than $50 billion in consumer relief benefits to more than 620,000 families. That is in addition to the $2.5 billion in payments to participating states and $1.5 billion in direct payments to borrowers who were foreclosed upon between 2008 and 2011.
For more information, visit www.hud.gov.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com