Lawmakers consider foreclosure prevention bills

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Tuesday, February 07, 2012

The Oregon Legislature is considering two bills that could help homeowners prevent foreclosures.

Senate Bill 1564 would end the dual-track process by requiring lenders to notify the homeowner of their mortgage modification status before foreclosure.
Senate Bill 1552 would require lenders to enter into mediation with the homeowners to agree on a foreclosure avoidance measure.
"Every loss of a home from foreclosure is a tragedy, but for a family to lose a home that could have been saved through mediation or other means is worse than a tragedy," said Sen. Laurie Monnes Anderson, D-Gresham, who sponsored both bills.

Read more at The Statesman Journal.

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