State Loan Refinancing Pilot Program for Deschutes County Homeowners

The Federal Government’s TARP program has provided the State of
Oregon almost $100 million to fund the Hardest Hit Fund which is
intended to assist homeowners and avoid foreclosures. The Oregon Housing
and Community Services agency administers the Hardest Hit Fund
programs.

Homeowners in Deschutes County (and Jackson County) may be eligible
for “loan refinancing” assistance. One of the five main Hardest Hit Fund
programs is a new pilot project targeting Deschutes County and Jackson
County homeowners whose property values have dropped significantly. The
Loan Refinancing Assistance Pilot Program provides resources to those in
need, on a competitive basis, through Further Development LLC, an
organization that will buy the homes or mortgages from various banks and
lenders at the current market value and then renegotiate those loans
and refinance with the homeowners. The end result is keeping the family
in their home.

The Oregon Housing and Community Services Agency can be reached at
(503) 986-2000. Program eligibility requirements can be found here: http://www.furtherdev.com/PDFs/OHCS_Short_Sale_Program_Overview.pdf

“This advisory is published by Bryant, Lovlien & Jarvis, PC
to provide a summary of significant developments to our clients and the
community. It is intended to be informational and does not constitute
legal advice regarding any specific situation. This material may also be
considered attorney advertising under court rules of certain
jurisdictions.”

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