The concept of the government doing something about the foreclosure crisis is reassuring. Yesterday’s Register Guard reported that Oregon will receive 19.6 million Federal dollars to assist with foreclosed homes. The use of the funds is controlled by statute, and will be disbursed by the State.
The rules say the funds may be used for:
∙ Purchase or financing of foreclosed homes by low and moderate income buyers.
∙ Purchase, rehabilitation or demolition of foreclosed homes by the State.
The program sounds good on the surface. But, it’s only for homes that have already been foreclosed. And, if the average home transaction were 100K, that means only 196 homes in Oregon would be eligible. Help before foreclosure would be good.
If you’d like help purchasing foreclosed property, give me a call at 517-6543 and I’ll be glad to give you a hand.