Oregon Procedures Re Mortgage Modification are procedures that help homeowners in Oregon modify their mortgage and avoid foreclosure. The Oregon Homeownership Stabilization Initiative (OSI) was created to assist homeowners in Oregon who are in danger of losing their home due to mortgage delinquency or default. OSI offers a variety of foreclosure prevention and mortgage modification options to eligible homeowners. Types of Oregon Procedures Re Mortgage Modification include: loan modification, repayment plan, forbearance agreement, loan reinstatement, short sale, and deed-in-lieu of foreclosure. Loan modification involves a lender agreeing to alter the terms of a mortgage loan, such as an interest rate reduction or extended loan term, in order to help a homeowner keep their home. Repayment plan is an agreement between the lender and the homeowner that enables the homeowner to catch up on their delinquent payments over a period of time. Forbearance agreements allow the lender to temporarily suspend or reduce the homeowner’s mortgage payments for a specified period of time. Loan reinstatement involves the homeowner paying all past due amounts in one lump sum in order to bring the mortgage current and avoid foreclosure. Short sale is an agreement between the lender and the homeowner to allow the homeowner to sell their home for less than the amount owed on the mortgage. Deed-in-lieu of foreclosure is an agreement between the lender and the homeowner to transfer the deed to the home back to the lender in exchange for forgiveness of the remaining mortgage balance.