Tuesday, Feb 7 2012 6:24PM
In an effort to protect homeowners from falling victim to faulty foreclosure practices, lawmakers in Oregon are pushing two bills to help regulate the foreclosure process.
In an effort to protect homeowners from falling victim to faulty foreclosure practices, lawmakers in Oregon are pushing two bills to help regulate the foreclosure process.
Following the expiration of four foreclosure bills that failed to pass in the Oregon House, news sources report that two new bills supported by state Senator Chip Shields have been proposed to help underwater homeowners.
According to The Associated Press, Senate Bill 1552 would require borrowers and lenders to meet for mediation before starting the foreclosure process to collectively find a way to avoid adding to foreclosures in Oregon. The news source says the legislation mirrors laws already in effect in markets hit hard by foreclosures, including California and Nevada.
The other proposed bill would eliminate the dual track process that would not allow lenders to work on foreclosure processes and loan modifications simultaneously. The AP says it would also allow homeowners to make claims against damages covered by the Unlawful Trade Practices Act.
The push for more regulation comes after homeowners continue to report mistreatment and the new bills could slow down the foreclosure practice while also working toward more affordable loan terms.
For further information, check out this source:
The Associated Press