The Oregon Housing and Community Services Department is using the 138 million dollars to setup four programs that will begin helping people refinance or transition to less expensive housing by this coming December of January. More information about these programs can be found at www.oregon.gov/OHCS.

What if you are one of the many Oregonians who has lost their income and is experiencing difficulty in making your mortgage payments now? If you are having difficulty making your payments and fear foreclosure, there are steps you can take now.

The first step you should take if you are having trouble staying current with your mortgage payments is to go to your lender and explore workout options. Your lender will let you know the options you have available to you under your current loan or through your lender. Remember, your lender stands to benefit from you being able to stay current on your mortgage. For more information on this first step, go to HUD’s webpage describing workout options for you and your lender at http://www.hud.gov/offices/hsg/sfh/econ/loanworkoutsolutions.cfm.

If you speak with your lender and are not able to find an option that provides the relief you need to avoid or get out of foreclosure, your next step is to contact a foreclosure counselor. There are several areas in Oregon that have HUD approved foreclosure counseling offices. If you live in the greater area of Albany, Bend, Corvallis, Eugene, Grants Pass, Hermiston, Hillsboro, Klamath Falls, McMinnville, Medford, Portland, Redmond, Roseburg, Salem, Springfield, and St. Helens communities, there are foreclosure counseling offices in your area. Foreclosure counselors can help by advising clients of their rights and explaining available resources to clients. You can find the counseling service in your area at this website: http://www.cbs.state.or.us/dfcs/ml/foreclosure/counselors.html

If you have tried both workout and counseling options, then try talking to your loan servicer. If the FHA services your loan, then contact the FHA service center. If your loan is with the VA, then contact the VA service center. A representative will not only help to make sure that your lender is following service guidelines, but will also try to come up with creative solutions to help you avoid foreclosure. T o contact the FHA, visit http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm. Contact the VA at http://www.vba.va.gov/ro/cleveland/foreclosure_alternatives.htm

By following the above tips, you will be taking the necessary steps to protecting one of the most important things for your family – your home.