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 […]
Tag: sb 558
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 […]
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 […]
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 […]
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 […]
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.
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 […]
Yesterday, the Oregonian reported that the revamped foreclosure mediation program, now called the Oregon Foreclosure Avoidance Program, has received 456 lender requests for resolution conferences during the first six weeks of operation. Fewer than 300 requests were received in the entire first year of the program’s predecessor, the Foreclosure Avoidance Mediation Program. Read the full […]