Oregon Homeowners have new rights!

Oregon homeowners facing foreclosure have new rights

Lenders required to meet with borrowers about loan modifications
(Salem) — Today a new law takes effect that strengthens the rights of Oregon homeowners who face foreclosure to help more families stay in their home during this difficult economic climate.
Senate Bill 628, passed by the 2009 Oregon Legislature, requires lenders to meet with borrowers facing foreclosure – either in person or by phone – and evaluate whether they qualify for a loan modification. A loan modification could help borrowers lower their monthly payments and keep their home.

―Oregonians are confronting a number of challenges during this economic downturn, including a growing number of families at risk of losing their home through foreclosure,‖ said Governor Kulongoski. ―By requiring lenders to meet with homeowners, this law provides Oregonians another avenue to avoid foreclosure and stay in the home they worked so hard to attain.

Starting today, foreclosure notices that are sent to homeowners who are late on their mortgage payments include new information about how to meet with their lender and how to request a loan modification. If the borrower requests it, lenders must meet with the borrower and evaluate the borrower for a loan modification before foreclosing on the home. The meeting can be by phone, and it must be with a person who has or can get authority to modify the loan.

Shadow housing Inventory - No bottom in sight

Until housing gets back to normal ( no not boom times ) rather normal where housing price and income are within a normal range we are not close to normal recovery. Anybody think we are close to a housing bottom might want to read this story.....

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Ivy Zelman, chief executive of Zelman & Associates, a research firm based in Cleveland, believes three million to four million foreclosed homes will be put up for sale in the next few years. The question is whether the flow of these homes onto the market will resemble "a fire hose or a garden hose or a drip," she says.

Analysts who track the shadow market have focused primarily on the gap between the number of seriously delinquent loans and the number of foreclosed homes for sale by mortgage companies. A loan is considered seriously delinquent, which typically means it is headed to foreclosure, if it is 90 days or more past due.

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If you have questions about credit reporting and credit scoring in general or your credit report in particular give credit repair houston a call

Mortgage Relief?

Let us take a look at an article about the Making Homes Affordable program.......

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"I am writing again to express my frustration that foreclosure filings continue to outpace loan modifications,'' Merkley wrote. "I believe that the Making Home Affordable program has more potential to help troubled homeowners.''

And today, Merkley pressed a Treasury official during a Senate hearing.

"To date ... we have spent, out the door, $288 billion to the banks, $76 billion to the auto industry, and ... $270,000 according to (the independent General Accountability Office) for our homeowners,'' Merkley told Assistant Treasury Secretary Herbert M. Allison.

Allison said the agency is improving and that the start-up problems have been addressed.

http://www.oregonlive.com/politics/index.ssf/2009/09/merkley_demands_answers_on_mor.html

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My comment:

Apparently, the banks and wallstreet have been bailed out while mainstreet has been left behind. My question is: Suppose the homeowner 'affordable' plan had been utilized to a greater degree? Might this only paper over a problem? Delay it? My guess is, for the most part, yes.

In other words, if you can't afford the house wouldn't it be better to cut your losses and adjust your expenses below your income now? Plans like this, with a price tag in the billions, while probably well intentioned don't work out for the benefit of many.

Consumer Credit Capital

Know your rights!!!! Require all parties to follow procedures, state law, federal law. Enforce timelines dictated by the FCRA, the FACTA, HIPAA and the FDCPA.

consumercreditcapital.net

http://www.oregonlive.com/business/index.ssf/2008/11/oregon_works_to_rein_in_rogue.html#_login

"Nearly 71,000 people filed complaints with the Federal Trade Commission last year, and of those, nearly 39 percent claimed the collector either demanded a larger payment than legally allowed or was seeking money they didn't owe."

FICA Withholdings tell you all you need to know

Credit repair Houston realizes there are no magic tricks or silver bullets to recover from bad credit. In the big picture, until wages get back in line with living expenses, specifically, median home price and median wage then the economy will not recover to the levels we have seen.

Below is a link to data that records FICA Wage withholding in Billions. The data is useful and better than getting platitudes from talking heads and politicians

2008 July 14,186 August 14,244

2009 July 13,714 August 13,569

http://www.fms.treas.gov/mts/mts0809.pdf etc.