Assistance for Oregon Homeowners

Navigating Oregon’s Homeowner Assistance Fund (HAF) Program

Program Closure Announcement

Oregon Housing and Community Services (OHCS) has announced the impending closure of the Oregon Homeowner Assistance Fund (HAF) program to most new applicants. This decision aims to prevent overcommitting funds, with the application portal scheduled to shut down at noon on December 20th. However, homeowners facing active foreclosure may still be eligible to apply through a housing counselor.

Priority Consideration for At-Risk Homeowners

Ryan Vanden Brink, OHCS Homeowner Assistance Programs Assistance Director, emphasizes prioritizing homeowners facing imminent housing displacement or falling under the socially disadvantaged category outlined by the U.S. Treasury. Those meeting additional eligibility criteria listed on the HAF website are also encouraged to apply before the deadline.

Ongoing Support for Existing Applicants

Existing applicants can still access the HAF portal to track their application status or scheduled payments. OHCS reaffirms its commitment to processing applications swiftly, especially for homeowners deemed most at risk without viable workout options.

Limited Availability for New Applications

Following the portal closure, OHCS may consider new applications if funds remain available. However, these applicants, particularly those in foreclosure proceedings, might face stricter requirements and limited funding availability.

Impact of the HAF Program

OHCS underscores the vital role of the HAF program in mitigating Oregon’s foreclosure rate during and post-COVID-19. By August 2023, the state experienced a significantly reduced foreclosure rate, attributed in part to HAF assistance.

Financial Overview and Assistance Distribution

OHCS reports approving 1,745 applications, disbursing approximately $46.9 million of the $72 million allocated initially. The average award stands at around $27,000. While $1.9 million remains available, OHCS continues collaborating with stakeholders to prevent foreclosures.

Seeking Assistance and Avoiding Scams

Homeowners struggling with mortgage payments are urged to seek guidance from certified housing counselors and engage directly with mortgage servicers. They should exercise caution against unauthorized entities and report suspicious activity promptly.

Verification Procedures

To ensure legitimacy, homeowners can verify a lender’s license through the Division of Financial Regulation‘s license page and cross-reference it with the Nationwide Multistate Licensing System (NMLS) license number. Similarly, housing counseling agencies should be listed on the OHCS website for validation.

Conclusion

As the Oregon Homeowner Assistance Fund (HAF) program nears closure for most new applicants, homeowners are encouraged to act promptly to secure assistance and safeguard against potential scams. OHCS remains committed to supporting at-risk homeowners and maintaining the state’s low foreclosure rate.