Features

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests

In Part One, we reviewed the essential provisions of the new mortgage servicing rules for resolving errors. In Part Two, we will look at the requirements for requesting information about a loan from the servicer. The new rules became effective January 10, 2014. Even if the borrower is not asserting an error, a borrower is […]

By February 23, 2014 0 Comments Read More →
Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions

Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions

New rules issued by the Consumer Financial Protection Bureau went into effect on January 10, 2014. Those rules include detailed guidelines for submitting and responding to qualified written requests under RESPA. There are two types of qualified written requests: notices of a servicing error and requests for information. The rules vary for each type of […]

By February 23, 2014 1 Comments Read More →
Loss Mitigation Under the New Mortgage Servicing Rules

Loss Mitigation Under the New Mortgage Servicing Rules

On January 10, 2014, new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau went into effect. Among other things, the new rules include detailed requirements for loss mitigation. If a servicer violates the loss mitigation provisions, a borrower may sue for damages, costs, and attorney fees. Whatever their shortcomings, the rules are the […]

By February 21, 2014 1 Comments Read More →
New Mortgage and Foreclosure Bills Introduced in the 2014 Oregon Legislature

New Mortgage and Foreclosure Bills Introduced in the 2014 Oregon Legislature

The Oregon Legislature will convene on February 3 and at least a few mortgage and foreclosure bills will haunt the hallways. Bills to watch include: HB 4033 This bill requires a trust deed beneficiary to provide a copy of the note and a “beneficiary statement” and/or a “payoff statement” within 21 days from receipt of […]

By February 1, 2014 0 Comments Read More →
Stealing Bases: Lenders Using Writs of Assistance To Remove Tenants Post-Foreclosure in Violation of State and Federal Law

Stealing Bases: Lenders Using Writs of Assistance To Remove Tenants Post-Foreclosure in Violation of State and Federal Law

Another troubling foreclosure practice has come to light in Oregon. Lenders are using common law writs of assistance to avoid the post-foreclosure eviction process and summarily remove tenants in derogation of both state and federal laws. State and Federal Law Protects Tenants From Summary Eviction Post-Foreclosure Writs of assistance are creatures of common law arising […]

By January 31, 2014 4 Comments Read More →

News and Events

Multnomah County Foreclosure Panel Publishes Consensus On Common Issues

Attorneys and pro se homeowners appearing in judicial foreclosure cases in Multnomah County should take note of the Consensus of Judges on Multnomah County Foreclosure Panel. The Consensus is a non-binding set of “rulings” of the foreclosure panel that represent the consensus view of the judges who serve on the panel. The Consensus is intended […]

By February 24, 2014 0 Comments Read More →

New Mortgage Modification Scam Sweeping Florida

Law enforcement is calling a new Florida loan modification scam one of the most sophisticated mortgage scams yet. Borrowers receive an authentic-looking modification offer in the mail. The offer includes detailed information about the borrowers’ loans culled from publicly available foreclosure documents and promises favorable terms, like reduced payments and principal forgiveness. All the borrower […]

By February 14, 2014 0 Comments Read More →

Advocates Request Additional Funding for Oregon Housing Counselors

Oregon’s foreclosure rate remains higher than the national average and our housing recovery continues to limp along. In fact, one group recently gave Oregon’s housing market a “D.” The best tool Oregon has to reduce foreclosures? The revamped foreclosure mediation program, officially known as the Oregon Foreclosure Avoidance Program (OFAP). Since the program launched in August […]

By January 31, 2014 0 Comments Read More →

CFPB Update on Mortgage Servicing Rules: February 10 in Tigard

The Consumer Law Section of the Oregon State Bar is sponsoring a half-day CLE for attorneys, housing counselors, and foreclosure mediators who want to learn about the new federal mortgage servicing rules that went into effect on January 10. According to the CFPB, the rules “establish new, strong protections for struggling homeowners, including those facing […]

By January 31, 2014 0 Comments Read More →

Two Banks Partner With Oregon Company to Offer Reemployment Program for Delinquent Homeowners

M&T Bank recently joined Fifth Third Bank in offering a reemployment program for homeowners who are struggling to pay their mortgages due to job loss. The program is operated by NextJob, Inc., a nationwide reemployment company headquartered in Bend, Oregon. Early this year, Fifth Third announced that it was partnering with NextJob to provide unemployed […]

By November 22, 2013 0 Comments Read More →

Did You Know?

Did You Know? Oregon Treats Residential and Non-Residential Trust Deeds Differently

Homeowners, and even attorneys, are often confused about the difference between a residential and a non-residential trust deed under Oregon law. The distinction is not intuitive and the Legislature has substantially amended the statute that defines “residential trust deed” twice since the foreclosure crisis began. What is a Residential Trust Deed? Under current law, a […]

By February 3, 2014 0 Comments Read More →

Did You Know? Oregon’s Anti-Deficiency Statute Does Not Apply After A Short Sale or Deed-in-Lieu

In a recent post we explained how Oregon’s anti-deficiency statute applies after a judicial or nonjudicial foreclosure. A reader asked whether the anti-deficiency statute also applies to short sales and deeds-in-lieu. The answer, sadly, is ‘no.’ The anti-deficiency statute, ORS 86.770(2), expressly applies only “after a trustee’s sale” or “after a judicial foreclosure of a residential […]

By October 28, 2013 0 Comments Read More →

Did You Know? Oregon’s Anti-Deficiency Statute Protects Borrowers After Judicial Foreclosures of Residential Trust Deeds

In Oregon, a trust deed may be foreclosed judicially or nonjudicially. After a nonjudicial foreclosure, the borrower is not personally liable for any shortfall if the proceeds are insufficient to pay off the full debt. The protections of ORS 86.770(2) apply even if the foreclosed property is a rental, a second home, or commercial property. […]

By October 24, 2013 3 Comments Read More →

Did You Know: Oregon Home Rescue Program Offers Mortgage Payment and Reinstatement Assistance?

On August 28, OHSI launched the new Home Rescue Program statewide. Functionally, the program is an expanded version of the recently concluded Mortgage Payment Assistance Unemployment (MPAU) program. Every other Wednesday at noon, 200 slots open up for struggling homeowners who have suffered a significant (10%+) drop in income compared to 2011 or 2012. Eligible […]

By September 25, 2013 0 Comments Read More →

Did You Know? How the Terms of a HAMP Modification Are Determined

Have you ever wondered how the servicer decides what terms to offer when evaluating a borrower for HAMP? Despite appearances, the terms that are modified are not arrived at randomly. The servicer applies a “waterfall” that specifies which terms will be adjusted, to what extent, and in what order. The waterfalls—there are a few—are described […]

By July 11, 2013 3 Comments Read More →

Cases

Union County, Illinois v. MERSCORP: Another MERS Recording Fee Suit Bites the Dust

Union County, Illinois v. MERSCORP: Another MERS Recording Fee Suit Bites the Dust

The Seventh Circuit has joined the MERS Wars, affirming dismissal of a suit for unpaid recording fees brought by one Illinois county. While the flood of new MERS litigation is finally dying down, many cases are still winding their way through the appellate courts. Among them are cases involving suits brought by county recorders claiming […]

By November 18, 2013 0 Comments Read More →
Grover v. HomeStreet Bank: Lender Lockout Is Trespass To Land For Which Emotional Distress Damages May Be Recoverable

Grover v. HomeStreet Bank: Lender Lockout Is Trespass To Land For Which Emotional Distress Damages May Be Recoverable

In Grover v. HomeStreet Bank, et al., the chapter 13 bankruptcy debtor survived a motion to dismiss an adversary proceeding against the lender (Oregon Housing and Community Services) and loan servicer (HomeStreet Bank) to recover damages from an illegal lockout. After commencing a nonjudicial foreclosure, the lender’s agents allegedly entered plaintiff’s property and locked her […]

By November 12, 2013 0 Comments Read More →
Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages

Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages

A district court recently found that a HUD regulation for reverse mortgages violated federal law. Despite some news reports, the court did not hold that a lender is prohibited from foreclosing a reverse mortgage when the property is the principal residence of a non-borrowing spouse. As we will see, for now non-borrowing spouses remain at […]

By November 10, 2013 4 Comments Read More →
Visendi v. Bank of America: Ninth Circuit Dismisses Mass Joinder Foreclosure Suit

Visendi v. Bank of America: Ninth Circuit Dismisses Mass Joinder Foreclosure Suit

In Visendi v. Bank of America, et al. the Ninth Circuit held that a mass joinder foreclosure suit filed in state court was properly removed to federal court but required dismissal of claims by all but the first named plaintiff. 137 homeowners, including Carla Visendi, sued 25 financial institutions, including Bank of America and Wells […]

By October 24, 2013 0 Comments Read More →
Chen v. Bank of America: Another Post-Sale Challenge Bites the Dust

Chen v. Bank of America: Another Post-Sale Challenge Bites the Dust

An Oregon District Court judge who earlier held that all post-foreclosure sale challenges are barred under the Oregon Trust Deed Act recently struck again. Plaintiff Alan Chen received notice of a nonjudicial foreclosure sale but did not file a legal challenge until after the sale was complete and the trustee’s deed recorded. Judge Owen Panner […]

By September 26, 2013 0 Comments Read More →