Hearing that Oregon is now #3 in the country in foreclosures after the first quarter of this year is disheartening.  The sudden increase is in part due to the fact that we entered the recession later than other states and are now seeing a peak when other states have already crashed and began their recovery.  Nevertheless, it is a sign of our continuing struggling economy! 

 

The U.S. Treasury Department has listed Oregon as one of the 20 states hit hardest by foreclosures and has tentatively allocated $88 million dollars in federal assistance to struggling homeowners.  This money is estimated to help at least 6,300 homeowners starting late summer or early fall but according to the Oregonian, there are at least 22,653 homeowners already in foreclosure or more than 90 days delinquent on their mortgages as of January.

 

Many homeowners need to understand that foreclosure is not the only option.  We are all in this economic downturn together and there are a lot of options out there including short selling and loan modifications.  If you know of anyone who just wants to talk about options, give me a call or send an email...I would love to help!

 

Also click on the image below for more information about Oregon's Homeownership Stabilization Initiative.