Need help with your mortgage?
The city of Woodburn has partnered with DevNW to create a mortgage assistance program designed to help homeowners who have encountered problems with their payments due to pandemic-related economic difficulties.
Qualified Woodburn homeowners could be eligible for no-interest loans of up to $20,000 to help with past-due mortgage payments. Households at 80% or lower of the area median income level in Woodburn that are delinquent in mortgage payments are eligible. The property also must be the owner's primary residence.
There is no fee to access the program. It's intention is to stave off foreclosures.
"We have worked with homeowners over the years who accessed programs through the Oregon Homeownership Stabilization Initiative and seen much success in foreclosure prevention," said Micole Olivas-Leyva, the area's DevNW asset preservation specialist. "We hope that we can make a difference for homeowners in Woodburn who are struggling."
The assistance is provided as a no-interest loan that is paid back to DevNW when the homeowner refinances or sells their home. The program's funding is furnished through a partnership with the city, the latter funding the program through recaptured community development block grants.
"Finding a creative way to use these dollars for the benefit of Woodburn families struggling with home payments during the pandemic was a real victory for our community," Woodburn City Administrator Scott Derickson said. "I believe Woodburn is the first city in Oregon able to redirect this money in this way."
To access the program, interested homeowners would need to fill out a DevNW foreclosure intervention enrollment packet, schedule an appointment with a counselor who will help evaluate available options, then submit the request to Woodburn Mortgate Assistance program.
"The state of Oregon has had a longstanding program with the Oregon Homeownership Stabilization Initiative very similar to what we are doing. This program comes from the Oregon Housing and Community Services department of the state," Olivas-Leyva said. "The program just shut down on April 30 of this year. The Woodburn Mortgage Assistance program will provide the relief that homeowners are looking for due to the pandemic. This opportunity and collaboration couldn't have come at a better time to support our community's needs."
DevNW online: devnw.org.
DevNW office locations:
528 Cottage St., NE #304 Salem, OR 97301, 503-779-2680; 421 High St., #110 Oregon City, OR 97045, 503-303-4763.
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