We’ve got some great news. Thanks in part to advocacy from Oregon Housing Alliance members more Oregon families will have access to foreclosure avoidance counseling through the Oregon Foreclosure Avoidance (OFA) Program. Having a mediation case manager helps bring some comfort and balance to foreclosure conversations that are often difficult.
The Joint Emergency Board allocated $659,300 from the general purpose Emergency Fund to meet demand for counseling services which have outpaced all estimates.
However, the allocation will only be enough to meet demand through March 2015. That means the Housing Alliance will be back at it again to ensure consistency of services through the end of the biennium. There is also the possibility that current projections might be outpaced, as new lenders may come into the program and cause a surge in filings. So, don’t be surprised if you’re asked to lend your voice to this critical issue.
Despite recent and welcome upticks in the housing and employment markets, the lingering foreclosure crisis continues to plague the housing stability of vulnerable Oregonians and our communities. In June of 2014, CoreLogic data indicates that more than 23,000 Oregonians are at least 90 days delinquent on their mortgage payments, and more than 41,000 Oregonians are underwater.
We have a solution to deal with this foreclosure problem. Access to foreclosure counseling is a proven and crucial component of the OFA Program—it helps homeowners navigate complicated paperwork, realistically assess their options, and negotiate for successful outcomes.
We appreciate the legislature’s support to-date, and hope to ensure access to foreclosure and legal assistance to complement the assistance provided by the OFA program until our families, communities, and the state have recovered from the impact of the foreclosure crisis.
