The state of Oregon will play mortgage superhero to 5,000 state residents in 2011, paying one year of each person's mortgage. Via the Oregon Homeownership Stabilization Initiative's Mortgage Payment Assistance Program, struggling homeowners who earn approximately $74,000 a year for a family of four and are unemployed or have lost 25 percent of their income can enter a lottery. The state expects 20,000 to 30,000 homeowners to apply online.
The state will pay 12 months of the winners' mortgages, up to $20,000.
http://www.oregonhomeownerhelp.org/
**FYI: Winners must pay back the money, though the state will forgive 20 percent of the loan for each year the winners remain in their houses.
Tuesday, December 14, 2010
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