PoliCon
12-09-2010, 12:03 AM
Story Published: Dec 7, 2010 at 3:55 PM PST
Story Updated: Dec 7, 2010 at 4:03 PM PST
PORTLAND, Ore. – If you are getting close to losing your home, this may sound unbelievable. But it's true.
The state of Oregon is about to pay your mortgage for a year ... if you qualify, and if you are one of the lucky ones who make it through.
Interested homeowners can apply online this Friday. From there, the state will choose applicants by lottery from the thousands of people who need help.
It's a welcome option for many in one southeast Portland neighborhood. After all, those we talked to said that leaving is not a choice.
"Yeah," says one neighbor, "suffering [is] all around us."
That's why Program Administrator Mike Kaplan says he wants you to apply under the Oregon Homeownership Stabilization Intitiative. You're eligible is you make 120 percent of the median income, which is about $74,000 for a family four, and if you've lost 25 percent of your income.
For those who meet all of the qualifications, this could mean their homes would be saved with money from the federal government. This money was given to states like Oregon with the highest rates of home foreclosures. (Washington state did not qualify for this federal "bail out.")
CONTINUED (http://www.katu.com/news/local/111477064.html)
Story Updated: Dec 7, 2010 at 4:03 PM PST
PORTLAND, Ore. – If you are getting close to losing your home, this may sound unbelievable. But it's true.
The state of Oregon is about to pay your mortgage for a year ... if you qualify, and if you are one of the lucky ones who make it through.
Interested homeowners can apply online this Friday. From there, the state will choose applicants by lottery from the thousands of people who need help.
It's a welcome option for many in one southeast Portland neighborhood. After all, those we talked to said that leaving is not a choice.
"Yeah," says one neighbor, "suffering [is] all around us."
That's why Program Administrator Mike Kaplan says he wants you to apply under the Oregon Homeownership Stabilization Intitiative. You're eligible is you make 120 percent of the median income, which is about $74,000 for a family four, and if you've lost 25 percent of your income.
For those who meet all of the qualifications, this could mean their homes would be saved with money from the federal government. This money was given to states like Oregon with the highest rates of home foreclosures. (Washington state did not qualify for this federal "bail out.")
CONTINUED (http://www.katu.com/news/local/111477064.html)