15Jul 2016 by admin

An Open Letter: Oregon Foreclosure Avoidance Program

Oregon Foreclosures, Short Sales
I've heard from clients over the years that they had gone to the Oregon Foreclosure Avoidance Program in search of more information about short sales and what options home owners in Portland, Oregon have available. As part of the mediation process, State of Oregon mediators often refer home owners to real estate agents, some of whom may have little short sale experience. This last week, a client called in and set up a short sale listing appointment with myself after being referred to Realtors in Portland who had only done a very small handful of short sales and to me this seemed unfair to the home owner. With this in mind, I have written the following open letter to the Oregon Department of Justice asking to be one of their…
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31May 2014 by admin

Foreclosure Red Flags: Short Sale Specialist Discussion

Oregon Foreclosures
A Short Sale Specialist Discusses Factors That May Increase Your Risk of Foreclosure Disclaimer: I am a Realtor who specializes in short sales and this article and video are my opinion based on my own subjective experiences. I am not an attorney. I am not an accountant. The materials presented herein are not legal, tax or financial advice. Use this article as a starting point and be sure to independently verify all facts on your own. You're encouraged to seek out experts (attorneys and accountants) to answer questions about your specific situation. The information I provide here is based on my experiences as a real estate licensee involved in short sales. Also, state and federal laws change often and vary based on your circumstances and state of residence. As a…
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31Jan 2013 by admin

Banks’ Right To Foreclose Challenged

Oregon Foreclosures
Rebecca Niday v. GMAC Mortgage, LLC *Please be sure to read the disclaimer at the bottom of the page* This landmark court case is being fought in Oregon at the state level and pertains to Banks' mortgage servicing practices and calls into question whether a given bank has met the criteria required for it to pursue a non-judicial foreclosure. With the logic following that if the Bank cannot prove that it is the beneficiary then of course it cannot foreclose on a borrower for non-payment. The Niday case argued that Mortgage Electronic Registration System (MERS for short) was a tool used by banks to exploit a loophole because MERS didn't actually own the loan. At the risk of oversimplifying, banks would name MERS as the owner of a mortgage with…
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18Dec 2012 by admin

Fourth Quarter 2012 Foreclosures

economy, Oregon Foreclosures
An audit of newly filed judicial foreclosures in Multnomah, Clackamas, and Washington Counties during the 4th quarter period of 2012 clearly reflects the fact that distressed property owners remain in need of professional short sale real estate services. Banks are encouraging distressed homeowners in Oregon to seek short sale agents (SFR) to eliminate and settle real estate mortgage debt rather than the expense of a judicial foreclosure or notice of default procedural foreclosure. Short Sale Transactions have proven far more beneficial than foreclosures for both home owners and banks. With today’s home values similar to values of 2003 we have a ways to go before we reach a full housing market recovery as distressed property owners owing more on home mortgages than market sale price will deliver still represent a…
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04Sep 2012 by

Oregon Mortgage Mediation Program

Oregon Foreclosures
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…
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30Aug 2012 by

Mortgage Foreclosure Relief Program

Oregon Foreclosures, Short Sales
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…
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26Aug 2011 by admin

Foreclosure Resources

Oregon Foreclosures
Foreclosure Resources Now more than ever home buyers are looking to get the most for their money. Recent attention on Foreclosed Homes For Sale as a means of getting bargain-basement pricing or even buying in to equity have changed the rules of the game for today's would-be home buyer or investor. Mortgage Insurers such as Fannie Mae, Freddie Mac, FHA, VA among others are now offering increased attention to their "REO" (meaning Real Estate Owned by the bank or mortgage insurer) properties through a number of different retail outlets. Buyers interested in HUD Owned Homes and other foreclosures should check out these sites for auctions and REO Properties in their area: Foreclosure Auctions HUD Foreclosures For Sale VA Foreclosure Listings FDIC Foreclosure Resources IRS Foreclosure Auctions HAP Army Corps of…
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15Aug 2011 by admin

Home Builders Uncertain in August

Oregon Foreclosures, Portland Real Estate Market
Home Builders Sentiment Remains Low Distressed Properties including short sales and foreclosures cut into new construction's bottom line According to the National Association of Home Builders, little has changed in the housing market over the last two years. Home Builder sentiment on "the condition of the housing market" was at an index level of 15, with any number below 50 considered negative. In the past two years Home Builder sentiment has not gone above an index level of 20. The year of 2010 marked the lowest level of home purchases in nearly 50 years with sales for the current year looking little if any better. Mortgage Foreclosures, Distressed Properties Compete With New Construction New Construction of Residential single family homes has faced new competition in the form of REO (meaning…
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12Aug 2011 by admin

National Foreclosure Update

Loan Modification, Oregon Foreclosures
Banks Mired in Bad Loans & Paperwork Woes Credited For Slowing Pace of Foreclosures For the month of July, 2011 new foreclosures (number of first notice of default) dropped to less than 60,000 (7% less than June, 2011). The July, 2011 number of 60,000 new foreclosures is 39% fewer new foreclosures than in July, 2010. Reasons for the sharp decline in new foreclosures include regulatory red tape involving the paperwork underlying many mortgages as well as National Banks wanting to spread out the "pain" of posting non-performing loans as financial losses. Furthermore, banks are not eager to flood the market with the many thousands of foreclosed homes due to the fact that home values and market prices would drop further still... and prices dropping even more would mean a higher…
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26Jul 2011 by

Oregon Foreclosures Jump 236%

Oregon Foreclosures
[caption id="attachment_2561" align="alignright" width="100" caption="Immediate Foreclosure Intervention "][/caption] Bank reposessions jumped 236% in April according to the Oregon Department of Justice (ODOJ) July 2011 report. Portland, Beaverton, Tigard and Gresham were not exempt from the substantial increase of foreclosure activity. DOJ report goes further in expressing continued Real Estate market stress for quite some time to come with no clear indication of market bottom other than we are not there yet. FYI; the homeowner does not bear the costs of Real Estate Commissions or escrow or closing. You will pay no professional or transaction fees. If you or someone you know needs dependable Short Sale Professional assistance, feel free to contact our office for comprehensive confidential solutions. We actively intervene in the foreclosure process advocating for homeowners that are facing…
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