Oregon has received $220 million in homeowner aid to prevent foreclosure, but state officials say homeowners won't receive any money until December.
“It’s not as much that there’s been a delay in getting the funds out; it’s just been a really long process,” said Michael Kaplan, Oregon Homeownership Stabilization Initiative administrator. “No matter how hard and fast you want to get going, it’s going to take time to set up a federal program of this size.”
Meanwhile, the state’s pre-foreclosure and foreclosure problems continue to grow. In 2008 the average time between a notice of default and a foreclosure auction was 250 days, said Nick Krautter, principal broker for the central Portland office of Keller Williams Realty. That wait is now nearly 500 days, and it’s growing each month.
Read more at The Register-Guard.