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New law fights foreclosures

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High Five
Tuesday, September 29, 2009

An Oregon law going into effect this week requires lenders to negotiate payment terms with homeowners with delinquent accounts before going into foreclosure. But a report by the National Consumer Law Center raises doubts about the law's effectiveness.

Oregon’s law is one of 25 programs in 14 states adopted in the past year and a half as foreclosure rates climbed to record highs. The law requires lenders and loan servicers to meet with homeowners with delinquent accounts before foreclosing to try to negotiate monthly payment terms that the homeowner can handle.
The law doesn’t require a judge or a mediator to oversee the negotiation, as other states do. It doesn’t make the lenders or servicers share what factors — incomes, assets, appraisals — they used to determine whether the borrower qualifies for a loan modification.

Read the full story at The Register-Guard.

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