Further has joined with Hogar Hispano, Inc. to form Second Opportunity of AZ (SOAZ). SOAZ is currently purchasing distressed mortgages and modifying them to the current appraised value of each home. The project is a partnership with the State of Arizona’s “Save Our Home Arizona” project utilizing Hardest Hit Funds from the US Department of Treasury. SOAZ has raised private funds to purchase the mortgages and then utilizes Arizona’s principal reduction program to make the loans affordable.
Here is a link to a full description of the state program, which includes other components, and is available to all homeowners who qualify and whose loans can be successfully purchased: azhousing.gov
Further’s partner in Arizona, Hogar Hispano, Inc., is a non-profit community development corporation, created by the National Council of La Raza (NCLR) to support economic and community development activities nationwide with a particular focus on Arizona. Here is a link to NCLR: nclr.org
For the past several years, communities in Oregon have suffered from a dire foreclosure crisis that is becoming more grim.
The State of Oregon has opted to purchase distressed loans directly and hold them in its portfolio. Oregon is currently piloting this innovative use of Hardest Hit Funds in Deschutes and Jackson Counties, the two locales suffering the most from negative equity and unemployment. Values in both counties are down 40 percent on average from their highs during the boom. Further created the concept, helped adapt it to fit on the ground realities and is now administering the program for the State of Oregon. Oregon has received full Treasury approval for this innovative approach and has budgeted $10 million dollars for loan acquisitions with a first batch expected to close in summer of 2011. Stabilized mortgages will be refinanced so that the money can be revolved and more families helped. The goal of the project is to assist 330 families over the next several years.
Another way to enter the Oregon program is through a short sale. If the lender is willing to consider a short sale, qualifying families may work with Further Development and a local Realtor of their choice to negotiate a short sale of the home to Further Development. All homes purchased in this fashion will be immediately resold to the current borrower at the current value of the home with 30 year financing provided by the State of Oregon. This option is designed to help families whose lenders are unwilling or unable to sell loans, but would participate in the program.
Please click this link to access a State of Oregon overview of the short sale option: OHCS Short Sale Program Overview flyer
To apply for the program interested families should go to the State of Oregon’s website for this program: https://www.ohsionline-lrapp.org
and fill out an online application. New slots are made available at noon on the first weekday of every month. If the applicant appears to meet all program criteria the next step is to collect qualifying documents and send them to Further Development for review. Our contact info and methods for submitting documents will be provided once the application is complete. Once an applicant is pre-qualified by the State, Further will then work with a Realtor of the applicant’s choice or directly to contact the lenders of qualified families and seek to purchase their home or loan on behalf of the State of Oregon. While many lenders are taking part in the program, not all are interested in selling loans or homes rather than foreclosing, and as a result, success is highly dependent upon the ownership of an individual family’s loan. For those families who do not qualify for the pilot program, or whose lender is not willing to take part, the State of Oregon is offering a number of other programs that can be found at its website, http://www.oregonhomeownerhelp.org
If you would like to keep up on the latest news and information regarding the Oregon program, please subscribe to its newsletter at: http://o.hcs.state.or.us/eNews/signup_enews.html
Oregon Homeownership Stabilization Initiative (OHSI) provides an anonymous fraud reporting hotline. If you are currently aware of, or suspect fraud, you can report it anonymously by calling 1-800-948-7688 or through our online tool. LEARN MORE: http://oregonhomeownerhelp.org/en/fraud