Did You Know?

By February 3, 2014 0 Comments Read More →

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 […]

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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 […]

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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. […]

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By September 25, 2013 0 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 […]

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By July 11, 2013 3 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 […]

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By July 8, 2013 5 Comments Read More →

Did You Know? The Difference Between Principal Forbearance and Principal Forgiveness

The goal in modifying mortgage loans is to bring the borrower current while reducing the total monthly housing cost (principal, interest, taxes, insurance and HOA dues) to a target percentage of gross monthly income (usually 31%). The servicer achieves this payment reduction by serially modifying specific loan terms, especially the interest rate and the length […]

By May 29, 2013 2 Comments Read More →

Did You Know? Loan Modifications Are Exempt From Most Federal Disclosure Requirements

When you take out a mortgage on your home, you are handed a stack of paperwork to review including all kinds of notices and disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement and Procedures Act (RESPA). Did you know that when a borrower enters into a loan modification agreement […]

By May 24, 2013 0 Comments Read More →

Did You Know? Fannie and Freddie Now Call Deeds-In-Lieu “Mortgage Releases”

HouseKeeping Report is launching a new series called Did You Know? in which we will highlight, explain, or review a single term, program feature, or other item of interest to foreclosure mediators, housing counselors, attorneys and even homeowners. This week: Did you know that Fannie and Freddie now call deeds-in-lieu of foreclosure “Mortgage Releases”? A […]