There are many states that have created assistance programs to assist residents with mortgage payments or refinancing in an effort to slow down or stop foreclosures. The federal government has provided Oregon with over $100 million dollars to provide mortgage assistance. Here is a list of some of the programs in the state of Oregon that provides mortgage assistance.

The Oregon Hardest Hit Fund

The Oregon Hardest Hit Fund consists of five components: The Unemployment and Loan Preservation fund which provide funds to assist the unemployed and others to pay their mortgage and any other fees that have incurred during a period of financial distress or unemployment. People need to apply for aid and eligibility is determined by Oregon Homeownership Stabilization Initiative. The Mortgage Loan Assistance program provides borrowers with a one-time financial assistance up to a total of $10,000 or is used to reduce outstanding principal balance on the borrowers’ loan or help them pay delinquent escrow. The Loan Refinancing Assistance program is only available in Jackson County and Deschutes County due to the fact that they have been hit hard by this economic crisis. They want to make sure that the homeowner is able to keep their home. Mortgage Payment Assistance program is available to the unemployed, the underemployed, or anyone has experienced a loss of income. It provides up to six months of assistance with mortgage payments and the lender is required to provide a 1-to-1 match for a total likely benefit of 12 months. The Transitional Assistance program works in combination with short-sales and DIL programs. If the homeowner qualifies, the program will provide up to $3,000 on a one-time basis.

Foreclosure Mediation from Senate Bill 628

The foreclosure mediation law requires that mortgage lenders meet with borrowers before foreclosing on their home, in an effort to find a solution.

Oregon Housing and Community Services

This is a government agency that provides foreclosure assistance and prevention services to homeowners who has defaulted on their mortgage or whose home has been filed for foreclosure.

Countrywide Financial Corporation

Countrywide Financial Corporation has agreed to settle mortgage lawsuits and fraud claims in Oregon by adjusting about 5,000 Oregon mortgages and paying over $1 million to the state to provide mortgage and foreclosure assistance. They have also agreed to modify interest rates and mortgage loan terms for Oregon households that obtained uncertain mortgages from Countrywide.

Check out http://www.needhelppayingbills.com/html/oregon_mortgage_assistance_and.html, and http://www.ohcs.oregon.gov/ for more information on these and other mortgage assistance programs available in the state of Oregon.