Starting today, Oregonians can apply for help from the state's $100 million federally funded foreclosure prevention program.
The program aims to help 5,000 homeowners pay their mortgages for one year or $20,000, whichever comes first.
To be eligible for the program, household income must be below 120 percent of the state's median income. That means less than $51,960 for households with one person, less than $59,280 for two people, less than $66,720 for three people, and below $74,160 for four people.
The new foreclosure prevention program comes as Oregon reels from persistent double-digit unemployment and tens of thousands of Oregonians are struggling to pay their mortgages.
"While we recognize there are not enough resources to serve the great need faced by homeowners in Oregon, we are pleased to have created a solid program that will help smooth the difficult path many families have been traveling," said Victor Merced, director of Oregon Housing and Community Services, the state's housing finance agency.
Read more at the Statesman Journal.