Oregon Foreclosure Crisis

Housing and Urban Development HUD Secretary Shaun Donovan met with Portland housing authorities & the Oregonian August 23rd 2012 to discus the Oregon foreclosure crisis. The crisis continues as state and federal housing authorities struggle in their attempts to bring foreclosure relief to Oregon homeowners.

Mortgage Assistance

In Portland Thursday August 23, 2012 Shaun Donovan stated that Oregon has received nearly $300 million dollars to help Oregonians with under water mortgages. The Portland homeowners I have spoke with, that has applied for mortgage relief says they have submitted endless amounts of documentation and were denied any assistance.
In real life situations our Nationally Certified Foreclose Resource Specialist Team has found the short sale process has been streamline for our clients that are in foreclosure compared to 4 years ago when banks were over burdened with foreclosures. The main improvement we have seen is that banks now have the trained staff necessary to handle the volume of mortgage relief inquiries. How much of the new $300 million actually makes it way to Oregon homeowners needing mortgage relief has not been documented. And how much of the $300 million is being consumed by the Oregon Administration having a 10% general budget short fall? More administrative regulations have been imposed. February 2012 netted 30 new administrative rules on banks. Neither Oregon nor HUD has yet to measure the new rulings effectiveness nor have they been able to audit where the money went.

Often banks are telling homeowners to find a qualified short sale specialist to sell their homes. These people end up calling us.

Oregon’s New Foreclosure Requirements

Shaun Donovan HUD Secretary here in Portland last Thursday said;
“In Oregon, there’s a requirement for a mediation process. Those kinds of steps ensure the foreclosure process is done correctly and the homeowner is protected, and that has meant delays.” This appears to be more administrative spending on administration checks & balances, not mortgage relief. The new ruling is to ensure that the house is foreclosed beyond any doubt as the banks response to unlawful foreclosure lawsuits such as Robo-Signing & MERS title recording.

Call our Certified Foreclosure Resource to see if you qualify for federal short sale funds.

503-473-8001

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Mortgage Foreclosure Relief Program

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