Tagged: Foreclosures

The state of Oregon is shutting down two federal bailout programs this month meant to keep struggling homeowners from losing their house. The reason? Lack of interest.

One of the programs helps people who are now making payments but have racked up late fees and penalties from earlier in the loan. Turns out fewer than 200 people even qualified for it. The money is from a federal housing bailout called the Hardest Hit Fund.

Oregon has been the most aggressive state in distributing federal funds aimed at preventing foreclosures. The state has tapped into nearly half of the $220 million it received under the “Hardest Hit” program. That's a higher rate than any of the other 17 states and Washington, D.C., that were awarded the funds.

Oregonians facing foreclosure will soon have another tool to stay in their house. A law that takes effect Wednesday allows struggling homeowners the chance to look their lender in the eye.

SALEM, Ore. – Oregon lawmakers wrapped up their 2012 legislative session after dark Monday night. One of the last bills they signed off on was a measure to slow the pace of home foreclosures. Salem Correspondent Chris Lehman reports.