Top 10 fastest growing cities in the nation

Top 10 fastest growing cities in the nation

Most already home to thousands of millennials

3 reasons why California housing is about to go bust

The money is drying up

Here's where expert economists think housing is going

Where will we be in 2019?
W S
Servicing / The Ticker

Oregon refinance program expands

money_display
/ Print / Reprints /
| Share More
/ Text Size+

According to OregonLive, a state refinancing program for underwater borrowers is slowly gaining ground across the state, with the initiative expanding to Clackamas and Washington counties.

The Rebuilding American Homeownership Pilot Program refinances mortgages for homeowners who owe more on their loan than their home is worth, lowering their monthly payment or letting them pay down their loan more quickly. It was first opened to Multnomah County homeowners in June.

The program — a pilot for a broader refinance program proposed by Sen. Jeff Merkley, D-Ore. — designed to reach homeowners whose loans aren’t eligible for the federal Home Affordable Refinance Program because they’re not insured by the government-sponsored loan giants Fannie Mae or Freddie Mac. Most conventional lenders won’t refinance underwater mortgages because they are at greater risk of foreclosure.

Source: OregonLive
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus