House approves foreclosure protection bill

House approves foreclosure protection bill

Oregon lawmakers reached a last minute deal on protections for homeowners facing foreclosure.

The House approved Senate Bill 1552 by a 59-1 vote late Monday as the Legislature approached adjournment. It will require lenders to meet with borrowers in mediation if the borrower requests it, and it will end the "dual track" practice of foreclosing while negotiating a loan modification.
The mediation requirement gives homeowners the chance to plead their case with their lender and a third party face to face.
"That's going to make a world of difference for a lot of homeowners," said House Democratic Leader Tina Kotek of Portland. "Some might still get foreclosed upon, but they will at least get to sit down and talk with their lender."

Read more at OregonLive.com.

{biztweet}oregon foreclosure{/biztweet}