Oregon HARP Mortgage LoansOregon (OR) is recognized as the 9th most expansive and the 27th most populous U.S. state, with a growing population of Salem is the state’s capital and third-most-populous city; Portland is the most populous. Portland is the 29th-largest U.S. city, with a population of 603,106 (2012 estimate) and a metro population of 2,262,605 (2011 estimate), the 23rd-largest U.S. metro area. Just like any state in the U.S., the number of homes with negative equity has been a familiar trend.

Negative Equity for the past three years according to CoreLogic (Analysis and Business Services) was at 18.7 percent during the last quarter of 2011 and had increased to 18.9 percent by the last quarter of 2012, as of May 2013 the negative equity share for Oregon as a state alone has decreased over the past few months to 14.8 percent, showing a significant amount of improvement. With a large population in existence within a state, there are sure to be more OR homeowners, and with more homeowners there can also be an even bigger possibility of foreclosures happening.

In a recent report released by the Federal Housing Finance Agency (FHFA) as of May 2013, the refinance volume showed that 61,546 properties have filed for the Oregon Home Affordable Refinance Program (HARP) since the inception of the program in order to save their negative equity homes, out of those properties about 4,187 had a Loan-To-Value greater than 125 percent.

The Home Affordable Refinance Loan is a program (HARP) (now known as HARP 2.0 or the Obama Refinance Program) was established in April of 2009 by the Obama Housing Administration. The HARP Refinance Program is designed to assist responsible homeowners in Oregon by refinancing their mortgage when the value of their home has declined, with recent revised eligibility requirements, most OR homeowners are able to refinance their current mortgages even with a Loan-To-Value (LTV) exceeding 125 percent.

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