Archive for October, 2013

OHCS Creates New Promotional Video Explaining Oregon’s Foreclosure Mediation Program
By October 31, 2013 0 Comments Read More →

OHCS Creates New Promotional Video Explaining Oregon’s Foreclosure Mediation Program

Oregon Housing and Community Services (OHCS) has created a snazzy new promotional video explaining how the Oregon Foreclosure Avoidance Program works. The video now greets every visitor to the state’s central foreclosure information repository: OregonHomeownerSupport.gov. The website also contains a search tool to locate the nearest state-approved housing counseling agency and information about programs and […]

Posted in: Features
Early Signs of Success for Oregon’s Revamped Foreclosure Mediation Program
By October 30, 2013 0 Comments Read More →

Early Signs of Success for Oregon’s Revamped Foreclosure Mediation Program

Yesterday, the Advisory Committee for the Oregon Foreclosure Avoidance Program (OFAP) met for the first time since the mediation program relaunched. The service provider, Mediation Case Manager, reported on the progress of cases filed to date. In the first 12 weeks of the program, more than 1,738 cases have been uploaded to the portal. Nearly […]

Posted in: Features
By October 28, 2013 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 […]

Posted in: Did You Know?
By October 28, 2013 0 Comments Read More →

Owner-Occupied Purchase Demand Remains Well Below Pre-Bubble Norms

Recently on the Today show, the producers paraded a dog in a Marilyn Monroe costume, her fake bosom bursting out of a little doggy dress. In the modern age, there is a way to make anything look like something else. Some would argue that all the rosy headlines about rapidly rising home prices and breakout bidding […]

Posted in: News and Events
By October 24, 2013 3 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. […]

Posted in: Did You Know?
Visendi v. Bank of America: Ninth Circuit Dismisses Mass Joinder Foreclosure Suit
By October 24, 2013 0 Comments Read More →

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 […]

Posted in: Cases
A Spooktacular Halloween Proposal: A Foreclosure Free Year For the Oregon Legislature
By October 20, 2013 0 Comments Read More →

A Spooktacular Halloween Proposal: A Foreclosure Free Year For the Oregon Legislature

Halloween is coming soon. Children and adults alike will dress as witches, zombies, and deranged serial killers. From homes dominated by politics, there will no doubt come marching tiny Ted Cruzes, Sarah Palins, and Barack Obamas ready to bicker over the distribution of candy. Living nightmares will abound. Conjuring up those images brings to mind […]

Posted in: Features
By October 20, 2013 0 Comments Read More →

Q-Law Blog Ponders the Moral Equivalence of Loan Fraud and Big Bank Fraud

In a two-part post on Q-Law Blog, Attorney Phil Querin ponders whether it is right to prosecute those who took advantage of lax lending during the housing bubble when the bad boys of big banking not only got off scott free, but were richly rewarded for their bad acts. Everyone knows Angelo Mozilo, the former […]

Posted in: News and Events
National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again
By October 3, 2013 0 Comments Read More →

National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again

Let’s begin with a simple question. If Charles Manson promised to stop acting crazy, would you let him out or would you double-check the bolt on his cell door? This week mortgage industry headlines were abuzz as New York Attorney General Schneiderman announced a lawsuit against Wells Fargo for more than 210 violations of the […]

Posted in: Features