Changes to Oregon’s Foreclosure Law

Information about Oregon Mortgage Mediation

132 at risk homeowners have applied for Oregon’s new Pre Foreclosure Mediation with no response from the banks. Jonathan Conant manager of Oregon’s Foreclosure Mediation subcontractor, Collins Center for Public Policy said the five biggest banks in Oregon aren’t & won’t participate in the new foreclosure mediation program, “They just don’t want to play”. The new law permits homeowners that are at risk of becoming in default on their mortgage the right to request mediation with their bank in resolving mortgage issues prior to being late with any payments. Banks aren’t responding & won’t participate under any circumstances according to Conant Oregon’s Mediation Manager.

As a Distressed Properties Veteran I am not surprised, not one bit. Big banks dodge or flat out ignore laws that aren’t beneficial to themselves. Only when a bank is denied operating access are they willing to participate in state or federal programs.

Big banks resisted Fannie Mae’s foreclosure alternative participation requirements until Fannie Mae denied funding of new Fannie Mae loans to non participating banks. Only when Fannie Mae cut off new loans to banks did they decide to participate in short sale liquidations avoiding foreclosure completely. Fannie Mae prefers short sales over foreclosures as they save Fannie Mae and tax payer’s tremendous amounts of money. The president of BofA states that the average foreclosure costs up to $100,000 and 80% of those loans are Fannie Mae loans costing US Taxpayer’s a bundle.

Oregon Mediation Program

Under Oregon’s new mediation program there are no penalties for banks unwilling to respond to Pre Foreclosure Mediation requests. There are no penalties for banks that refuse to participate in mediation. No motivation for banks equates to no bank response.
Keep in mind these rules apply to mediation prior to being late on a mortgage payment.

Oregon attempting bank take away strategy.

Mediation is not all out the window though. Historically banks have pursued Oregon foreclosures through non-judicial foreclosure procedural process. They used what is known as a trust deed foreclosure process that is procedural in nature that does not included a court of law.

Things have changed
While there is no penalty for banks ignoring pre-foreclosure mediation the Oregon State will deny the auction of trust deed procedural foreclosures if mediation is not offered to the homeowner during that procedural process.

Banks Respond
Big banks have responded to the new Oregon Foreclosure laws by converting procedural foreclosures into judicial foreclosures and meeting the mediation requirement.

Consumers Beware
In mediation banks still have one specific goal; being collect money and they will do everything they can legally do to collect from the consumer.

We Represent the Homeowner NOT the Bank

When dealing with a mortgage bank please keep in mind that the bank represents the bank shareholders not the consumer. As brokers we represent the homeowner not the bank.

Oregon Mortgage Mediation
503-473-8001 Information

When dealing with a mortgage bank please keep in mind that the bank represents the bank shareholders not the consumer. As brokers we represent the homeowner not the bank.
No charge confidential Information about Oregon Mortgage Mediation and foreclosure process please call 503-473-8001.

Oregon license law states that our agents can take no adverse actions against any caller or client. Remember we do not work for the bank, we work for you and there is no charge to you the homeowner for our services.

My name is Bruce Lockwood and I am a Nationally Certified Short Sale Foreclosure Resource Agent.
503-473-8001

Collins Center for Public Policy is the sub-contractor for Oregon’s Mortgage Mediation.

We work with Housing and Urban Development and all federal agencies in finding solutions to mortgage challanges.

No Charge Foreclosure Resource 503-473-8001

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Oregon Mortgage Mediation Program

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