Senate Bill SB1552 Passed
| On March 5, 2012, the Oregon Legislature passed a sweeping series of changes to its trust deed foreclosure law, SB 1552. Once signed by the Governor it will become effective 91 days hence. What follows is a summary of (a) the new mandatory mediation law that, after the effective date, will apply to the non‐judicial foreclosure of all residential trust deeds; and (b) some important changes to the existing laws governing judicial and non‐judicial foreclosures. Between now and the effective date, the Oregon Attorney General’s office will promulgate rules to implement the mediation program. Until then, all we have for guidance is SB 1552 itself. This summary is for informational purposes only and should not be viewed as "legal advice". Those interested in seeing if the new law may apply to their particular situation should consult with their own legal counsel. |
Dear Homeowner,
Earlier today, Feb. 9 2012 it was announced that the nation's five largest banks will provide roughly $25 billion in relief to resolve a multistate investigation of fraudulent and flawed foreclosure practices. Oregon is one of 49 states, including New York and California, that signed on to this agreement which penalizes banks that engaged in wrongful conduct, brings badly needed assistance to distressed homeowners and will help reverse the housing market's downward slide.
For more information about the settlement and homeowner eligibility please visit the official website: www.nationalforeclosuresettlement.com.
If you are a distressed homeowner, or if you have gone through the foreclosure process, you may be entitled to additional assistance if your mortgage servicer is participating in the settlement. The five servicers participating in the settlement are Bank of America, JP Morgan Chase, Citibank, Ally Financial, and Wells Fargo. Each servicer has a dedicated website and toll-free number with specialists ready to answer consumer questions:
1-877-488-7814
JP Morgan Chase
1-866-372-6901
Citibank
1-866-272-4749
1-800-766-4622
Wells Fargo
1-800-288-3212