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 […]
Archive for September, 2013
Last week, two committees in the Oregon House and Senate held informational hearings on the recently launched Oregon Foreclosure Avoidance Program (OFAP). Witnesses testified that lender requests for mediation under SB 558 far exceeded expectations during the first six weeks of the program. Major national servicers, including GreenTree, Nationstar, and US Bank are actively participating […]
The next Advisory Committee meeting for the Oregon Foreclosure Avoidance Program will be held on October 29 from 3:00 to 4:30 pm at 340 Vista Avenue, Salem, OR 97302. Advisory Committee members are appointed by the Attorney General “to assist the Department of Justice with improvements to program administrative rules, evaluation of program performance and recommendations […]
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 […]
A new law review article to be published in the Illinois Law Review argues that foreclosure mediation programs should require good faith participation by lenders and should impose sanctions when lenders fail to comply. Read the full law review article here. For more scholarly articles on foreclosure mediation, visit our Foreclosure Mediation Resources page here.
The Oregonian recently reported on an important new decision from the Ninth Circuit, Corvello v. Wells Fargo Bank, N.A. The Ninth Circuit followed a Seventh Circuit case decided last year, which held that a borrower who fully complies with a HAMP trial period plan can sue for breach of contract if the lender fails to […]
RealtyTrac recently found that “foreclosure starts increased from the previous month in 26 states and were up from a year ago in 15 states, including Maryland (up 275 percent), Oregon (up 137 percent), New Jersey (up 89 percent), Connecticut (up 37 percent), and New York (up 27 percent).” Oregon had the second largest percentage increase […]
The AP reports that foreclosures in Umatilla County, Oregon are spiking. Foreclosures this year “have already eclipsed last year’s count and are on pace to be the third-highest of the last decade.” Read the full article on HeraldNet.com here.
According to the Portland Business Journal, “[a] change to Oregon’s mediation law has prompted a flood of requests for face-to-face meetings between lenders and homeowners with delinquent mortgages.” Read the full article here.
On Tuesday, the Oregon Department of Justice issued a press release announcing that the Oregon Foreclosure Avoidance Program has received 456 lender requests for resolution conferences since the August 4 launch. The press release notes that, in the coming weeks, lenders are expected to file hundreds more cases. Attorney General Rosenblum said that the Department […]