Thursday, April 12, 2012
Gov. John Kitzhaber signed a bill that establishes protections for homeowners facing foreclosure.
Senate Bill 1552 creates a foreclosure mediation program and requires banks to meet with borrowers who elect to participate. It also outlaws lenders' practice of initiating foreclosure proceedings while simultaneously negotiating for a possible loan modification.
The law will take effect in 90 days, on July 12. In the meantime, the state attorney general's office has convened a group of stakeholders develop the specifics of the program.
Read more at OregonLive.com.