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Portland Foreclosure Quick Clicks > Government Mortgage Help > Collection Laws in Oregon |
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New Oregon foreclosure law
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 Help avoiding foreclosure
New Oregon laws to help homeowners The Mortgage Rescue Fraud Protection Act, passed in Oregon in 2008, requires trustees to provide homeowners a "notice of home loss danger." The trustees are required to provide this notification to the homeowner at the same time or before the required notification that the house is in foreclosure. Also, from Sept. 28, 2009, until Jan. 2, 2012, a new Oregon law requires the lender or trustee to send you a form allowing you to request a meeting with your bank or its representatives to ask for a loan modification. The meeting can be in person or by phone and should be with someone who has the authority to negotiate with you a modification of your original loan terms. If you are interested in modifying your loan, either contact your lender to set up a meeting or fill out the form and send it back to the address provided no later than 30 days after the notice was sent to you. The lender or its representatives have 45 days to let you know whether you qualify for a loan modification. The lender cannot foreclose on your home if it has not responded to you within the 45 days required by law. Also, the lender must file a document in the county where the house is located showing it followed the required process. You can contact the lender directly or seek the assistance of a government-approved counseling agency, but the contact with your lender must be within the 30-day period. For a list of government-approved nonprofits in your area, call 800-723-3638 or 800-SAFENET. The purpose of the "notice of home loss danger" is to promptly and clearly notify homeowners who occupy the property as their primary residence about the risk of losing their homes and, if possible, what homeowners could do to try to save their homes. The notification also must include a toll-free number where homeowners can call to get information about approved nonprofit organizations that provide foreclosure prevention counseling Alternatives to foreclosures include:
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PortlandForeclosure.com: Portland Foreclosure. Educating the public on foreclosures in Portland and Portland foreclosure related issues. If you are a first-time home buyer, seasoned investor or home owner, you've found the right place to discover. Our online resource and help center on foreclosures is the most extensive foreclosure website in the Portland metropolitan area. We actively update foreclosure data for counties including Multnomah, Clackamas, Yamhill, Washington and Clark County. Location: 1030 NW 12TH AVE #TH4-1, Portland, OR 97209 Phone: Contact Page Email: Contact Page Copyright © 2010, Portland Foreclosure. PortlandForeclosure.com. All rights reserved. Report web site corrections and broken links only to corrections.  Privacy policy.
Disclaimer: Information provided is of public record. We do not guarantee the accuracy. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process. |
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