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3 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Home News Latest Stories Emergency services Medford police may have to retire their pot-sniffing dogs Four candidates run for two Eagle Point School Board slots Man charged in ransacking of Wimer church Mayors United ACCESS campaign kicks off Crime, Courts and Emergency Services Emergency services Medford police may have to retire their pot-sniffing dogs Man charged in ransacking of Wimer church Police: Man stole four identities, left trail of bad checks across Jackson County Emergency services Politics and Elections Earthquakes hit regularly in Medford (Oklahoma, that is) Medford School Board, Position 6: Curt Ankerberg vs. Janet Lightheart Arthur I. Cyr: Cuba’s enduring challenge to American foreign policy – and American politics Gov. 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Onorato: Enjoying good food just for the fun of it Page H. Onorato: Food items appear in the funnies Donna Knight: Alzheimer’s brings challenges Food Page H. Onorato: Enjoying good food just for the fun of it Page H. Onorato: Food items appear in the funnies Community blog: Variations on potato patties please brunch palates Food for Thought: Grill up a storm as the weather gets warm Season Stepp: Make seared steak fajitas for Cinco De Mayo Home and Garden Clean out household chemicals Friday and Saturday Dear Monty: 10 tips to avoid tenant complaints Home Help: Upgrade your entryway with simple DIY projects Costa Living: Basking in flower power Garden Cameos: Spring is time for azaleas in the garden Health 'Game changer' for heart patients Health Watch: Tips for protecting your eyes Dr. Jeff Hersh: Could severe cramping mean endometriosis? Dr. Murray Feingold: Is pre-op testing for cataract surgery necessary? Community blog: What about Lucy? Hiking Biking Faith Religion Briefs: Friday, April 24 Religion Briefs: Friday, April 17 Religion briefs: Friday, April 10 Religion briefs: Friday, April 3 Milestones and Achievements ENGAGEMENT: Sellers-James Witham's birthday bash draws hundreds for 1950s prices Charlesworth-Murphy Drizzle doesn't dampen Pear Blossom Parade spirit New Arrivals: Sunday, April 12 Columnist for a Day Rogue Healthy Aging Tempo Latest stories Randall Theatre stages 'Little Shop of Horrors' Thanks for the Memories stages 'Company' one night only Camelot Theatre presents 'Arsenic and Old Lace' 5 picks for live entertainment this week A Taste of Ashland pairs food and wine at galleries Theater Randall Theatre stages 'Little Shop of Horrors' 'Much Ado' at SOU Thanks for the Memories stages 'Company' one night only Camelot Theatre presents 'Arsenic and Old Lace' 'Secret Love' playwright Stan Lai appears in Ashland Music Interview: Offspring plays hits new and old on tour Maria Muldaur at the Unitarian Fellowship Genticorum at Paschal Winery Southern Oregon Repertory Singers Live Music in Local Clubs Community Events A Taste of Ashland pairs food and wine at galleries Rogue Valley Earth Day 2015 Foreign language film festival set at SOU Regional brewers, distillers, winemakers at Harry & David Field Third Fridays celebrates poetry, student art Movies Interview: Sofia Vergara talks ‘Hot Pursuit’ Quick Flicks: ‘Cinderella,’ ‘Insurgent’ and more 2015 summer movie preview Movie review: ‘Lambert and Stamp’ doc tells who was behind The Who Reader Review: 'Danny Collins' a sentimental and funny tribute to John Lennon Dining Set a table from your local farmers market Let's do brunch! Restaurant inspections: April 26, 2015 Island Grindz serves up Hawaiian specialties Have you wandered down the Bear Creek Wine Trail yet? Tempo Videos Classifieds Jobs Autos Real Estate FEATURED » Obits Blogs TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Special Sections Business Services NEWS NOW Medford police may have to retire their pot-sniffing dogs ... Our View: Medical marijuana market not at risk ... Oregon Senate kills Bates' bill requiring seatbelts for all passengers ... Medford police may have to retire their pot-sniffing dogs ... Our View: Medical marijuana market not at risk ... Oregon Senate kills Bates' bill requiring seatbelts for all passengers ... HOUSING Jackson County debt-ridden homeowners have an option Program provides a reset on underwater mortgages By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 27, 2015 @ 3:50 pm Updated Apr 27, 2015 at 4:32 PM By Greg Stiles Mail Tribune Posted Apr. 27, 2015 @ 3:50 pm Updated Apr 27, 2015 at 4:32 PM » Social News p bs:newslist StartDate="20121121" EndDate="p bs:datecalc Months="3"" DateSort="1" UseObjects="1" ObjectClass="81" Taxonomywords="2325,665" ExactTaxonomyMatch="1" Image="1" Count="4" --> Jackson County single-family residence values have recovered substantially since plunging when the real estate bubble burst. Nonetheless, Zillow Real Estate Research reports that as many as 19 percent of local homeowners remained underwater — owing more than their house's value — at the end of 2014. In some quarters that will mean treading water for a while longer, waiting for property values to climb. In other cases homeowners may not have that option. For that group, Oregon's Loan Refinancing Assistance Pilot Project, which is supported by federal funding, may be an option. Homeowners who have suffered hardships that caused them to fall behind in mortgage payments qualify for a state program that began three years ago in Jackson and Deschutes counties, but has since expanded into Josephine, Crook and Jefferson counties. The revolving fund program, with a $12 million allocation, is overseen by the state Housing and Community Services agency. The program has so far helped 171 homeowners stay in their houses, including 75 in Jackson County. The initial money for the program came through the Federal Hardest Hit Fund. A third-party administrator works with real estate agents to arrange a short sale. The home is then simultaneously sold back to the family with a new 30-year mortgage, effectively making it a home refinance with a substantial principal reduction. "You don't see too many government programs that are self-supporting like this one, said Erik Sten, president of Further Development, a Bend mortgage firm, who administers the funds.  Existing lenders receive 88 percent — more than they might otherwise expect — of the amount owed, he said. The 12 percent difference pays for the administrative and closing costs. At the end of March, the average principal reduction was $100,000, with monthly payments reduced an average of $450. So far, about $20 million has been cycled through the program. Existing mortgages must be less than $500,000 and involve a hardship — such as health, divorce or job loss — resulting in diminished income. "There has to be some reason they can't repay the mortgage," said Kimi Fernandez of RE/Max Ideal Brokers in Medford. "The homeowners are basically in a position to where no one will touch it, because it wouldn't appraise out. Right now, we're looking for as many people as we can find, and can qualify." Homeowners must also show they can make the monthly payments on a 6 percent, 30-year mortgage. "After two years they could probably refinance to a lower interest rate, if they are keeping up with all their bills," Fernandez said. Homeowners will receive a 1099-C form, with the C standing for cancellation of a forgiven debt. The law making forgiven short sale debt non-taxable ended Dec. 31, 2014, Sten said. However, the rule may be reinstated at some point. "We always tell our clients they should talk to an accountant about the tax implications," he said. The program is authorized through 2017, although applications will likely be cut off at the end of 2016, Sten said. Application information can be found at http://www.oregonhomeownerhelp.org/en/homeowner-education-program/lrapp-program Reach reporter Greg Stiles at 541-776-4463 or  [email protected] . Follow him on Twitter at  www.twitter.com/GregMTBusiness , on Facebook at  https://www.facebook.com/greg.stiles.31 , and read his blog at  www.mailtribune.com/ Economic Edge . By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 27, 2015 @ 3:50 pm Updated Apr 27, 2015 at 4:32 PM » Comment or view comments /* $( document ).ready(function() { // Jquery mobile is trying to style the button and leaving a blank gry button on top of a white button $("#viafouracoms .vf-comment-controls li.vf-right").html(' Submit '); });*/ » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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