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.