The Feds are trying to help the housing market out yet again. The Federal Government; never all to succsessful when it comes to “helping” the housing market, but nice that someone cares if the banks don’t. Here are the specifics… According to Alan Zibel, (Real Estate Writer for the AP) the Obama administration is planning on allocating $600 million to five states, (one of them being Oregon) in order to help unemployed homeowners avoid foreclosure situations.
The assistance would last for up to 12 monthes for a out of work homeowner, and 88 million of the latest 600 million dollar aide provided by the government, would be allocated specifically to Oregon Homeowners. The states estimate that the 600 million could help some 50,000 homeowners avoid foreclosure. If you would like to read the full article regarding this federal aide please let me know and I will forward a copy to you.