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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Law » Senator Dr. Alan Bates on Mortgage Foreclosure crisis SB 827 25 May 2011

Senator Dr. Alan Bates on Mortgage Foreclosure crisis SB 827 25 May 2011


Senate bill will improve loan modification process for struggling homeowners SB 827 builds on Senate Democrats’ foreclosure work of 2009 session In 2009, the Legislature passed SB 628, a major reform of the state’s foreclosure law. That law outlined a process for homeowners facing foreclosure to apply for a loan modification and discuss modification with their lender. Since that legislation passed, concerns have arisen around the confusing notification forms and around what is called a “dual track” process, whereby homeowners are actively pursuing or participating in a loan modification while their lender is moving toward foreclosure. SB 827 will remove the sunset on the 2009 legislation, allowing the law to continue. It will also improve the modification process by standardizing forms and notices and by pausing the foreclosure process until a lender issues a decision on a requested loan modification. Senate Bill 827 gives homeowners legal recourse under the state’s primary consumer protection law, the Unfair Trade Practices Act, if there is a violation. “The foreclosure crisis is undeniable. Families are struggling to keep a roof over their head and homes are being abandoned,” said Senator Alan Bates (D-Medford), a sponsor of the bill. “This bill demonstrates our commitment to helping Oregonians reach a reasonable arrangement with their lenders and stay in their homes.” Oregon has been hit especially hard in this foreclosure crisis. According to the Department of

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