Everything You Need to Know About Mortgage Relief for Homeowners in Oregon

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You may be wondering what relief options are available if you are one of the many Oregon homeowners having trouble making mortgage payments. Luckily, there are a number of programs that can help you get back on track. 

This blog post will provide an overview of some of the most popular options. So if you’re struggling to make your mortgage payments in Oregon, read on for information about the programs that may be able to help. 

How to Get Started

The first step to seeking mortgage relief is to inform your lender of your financial situation. When homeowners are unable to pay their mortgage payments, most mortgage lenders are happy to provide assistance. A HUD-approved housing counselor can also help you if you’re not sure what to say to your lender or if you’re not sure how to approach them.

Mortgage Relief Solutions

A variety of options are available for mortgage relief. Through various programs, you can lower your interest rate, reduce your payments, and modify the term of your mortgage.

Principal Reduction

If your mortgage is more than the value of your home, you may be eligible for a principal reduction. In this case, your loan balance would be reduced based on the current market value of your home.

Mortgage Modification

Changing the terms of your mortgage loan may be an option if you are having difficulty making payments. A mortgage modification involves negotiating a new repayment plan with your lender. Your lender may even be able to lower your interest rate in some cases.


Forbearance agreements are often available to homeowners in financial difficulty. As you regain control of your finances, you make fewer or no payments.

Loan Refinancing

There may be an option for you to refinance your mortgage with a lower interest rate if you’re having trouble making payments. You will be able to repay your loan more easily if your payments are lower.

Short Sale

A short sale means selling a property for less than the mortgage balance. With the proceeds of the sale, the debt is repaid.

Deed in Lieu of Foreclosure

Deeding your home back to the lender in lieu of foreclosure is an option if you cannot sell your home or reach a loan modification agreement.

Mortgage Relief Programs in Oregon

Homeowner Assistance Fund (HAF)

The Oregon Homeowner Assistance Fund program assists homeowners who have fallen behind on their mortgage payments and related housing expenses due to COVID-19. Homeowners may qualify for funding up to $60,000 per household.

When approved, Oregon Housing and Community Services will make payments directly to the servicer, county, homeowner association, or other appropriate housing entity. They provide assistance through a five-year, interest-free, forgivable loan. The loan is recorded with the county as a second mortgage/lien on your property. The entire loan is forgiven after five years.   

Eligibility Requirements

People eligible for the program must have experienced a qualified financial hardship after January 21, 2020.

You must also meet the following requirements:

  • Currently live in the Oregon property.
  • Be listed as owner or borrower on the mortgage.
  • Have an income below or at 150% of the Area Median Income or 100% of the country’s Median Income, whichever is greater.

How to Apply

Click here to begin the application process or call 833-604-0879 if you have questions about the program.

Foreclosure and Its Consequences

To prevent foreclosure in Oregon, it is important to understand how it works and its consequences. If you fall behind on your mortgage payments, your lender may foreclose on your home, a process that can take up to six months. You should avoid foreclosure as much as possible as it can negatively impact your credit score.

Prevent Foreclosure in Oregon with Favor Home Solutions’ Save My Credit Program

For a simple solution to avoid foreclosure, give us a call! At Favor Home Solutions, we’re 100% committed to helping you regain your peace of mind and protecting your credit! Our ‘Save My Credit’ Program takes over your mortgage payments, so you don’t have to go through the home selling process or get a foreclosure mark on your credit report. 

You might even be able to pocket some money at the end! No fees, no gimmicks, and no obligations. Contact us today to get started!


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