New Refinancing Options for Multnomah County Residents

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News | by — February 13, 2013

The Oregonian recently reported that Multnomah County is the first county in the nation to test a pilot program designed to provide relief to homeowners by allowing them to refinance their high interest rate mortgages despite having negative equity in their homes. Previously these homeowners would have been denied a refinance because their homes are worth less than they owe on the mortgage.

Under this pilot program, proposed by Senator Jeff Merkley, qualifying homeowners will be able to refinance at a 5% interest rate. To qualify, homeowners must be current on their payments, and must have good credit. Because this is a pilot program, the opportunity to refinance is expected to initially reach only 50 homeowners.

For more information, visit the Oregon Homeownership Stabilization Initiative here

You can access the Oregonian article here

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