After the state of Oregon suspended foreclosure evictions for the holidays, it is possible that many homeowners cherished hopes that they might be able to stay in their homes a little longer once the Christmas season was over. However, that is not to be. Although Freddie Mac and Fannie Mae both froze foreclosures until January 3, 2011, so that evictions would not happen over the holidays, in Oregon banks are set to repossess about 100,000 homes in January, 2011[1].
Pete Cislo, a member of a local homebuilders association, said that “one in every 410 homes in Jackson County [part of Southern Oregon] went into foreclosure last year.” The area is going to be hard hit this winter as the evictions take place, he added.
Oregon does have federal funding to help 5,000 families with their mortgage payments up to the amount of $20,000. However, applicants will be selected by random lottery and do not actually have to be behind on their mortgage payments, so it is unlikely that the program will have any particular benefit to those facing imminent foreclosure unless they just “get lucky.”
Do you think that suspending foreclosures over the holidays is a good and reasonable practice?
Do you think that this “random selection” for mortgage payment assistance is fair?
Thank you for reading! Your comments and questions are welcomed below.
[1] http://kdrv.com/page/200977
The suspending foreclosure is what it is, neither here not there.
The lottery is strictly crap, not how I want nor how they should be administering tax dollars. When are they going to offer a lottery for health care, interest rates, Social Security, you get the idea…
If you have a social welfare program, then run it as one, not some assinine lottery!!
So i just checked if you make $50,000 a year and live by yourself in your home you can qualify for the program. You don’t have to be behind on your payments and you don’t even need a auction notice to get assistance. Who is this really helping. This is just a way for some Oregon representative to say we got money and help x amount of people save their homes from foreclosure. They do not have a system to in place to make sure they are helping the right people. All this is doing is making more of a mess to the foreclosure process by prolonging the enviable to happen.
Why don’t everyone just stop making their payments. It will be months or even years before you will be forced out until then you can play the mortgage assistance lottery. Today is the last day for this program but you know there will be a new one showing back up by popular political demand.
Bank greed, political pockets, federal regulation put us here, do think they are going to bring you out of this? Nope.