Oregon Homeowners Open your Notice of Default Letters NOW! There May be Help Inside. New Law Requires Lenders to Talk to You about Loan Modification!
There is good news for Oregon homeowners trying to avoid foreclosure. A new law, Senate Bill 628, just passed the Oregon Legislature and now requires lenders to take more steps to keep Oregon homeowners in their homes. Senate Bill 628 will hopefully make it easier for homeowners in danger of foreclosure to get the information necessary to stop the foreclosure process through loan modification.
A summary of the new requirements are below, the full details are available in a great article Foreclosure Life Line by KOHD news.
Lenders are now required to meet with Oregon homeowners either by phone or in person to determine if the homeowner qualifies for loan modification, which can lower their monthly payment. Not anyone from the lenders office can meet with the homeowner, it must be someone who IS a decision maker in regards to loan modification.
Oregon homeowners will now receive specific information within a Notice of Default Letter detailing the steps necessary to request loan modification. This includes the phone number you need to call to request loan modification as well as the form to fill out.
Important Points for Oregon Homeowners - YOU must take ACTION!
- You have 30 days from the date of the foreclosure notice to request loan modification.
- YOU must request the loan modification; your lender will not be calling you. Again, the forms and contact information will be provided in the Notice of Default Letter but the homeowner must request the loan modification.
- Get Help, you don’t have to try this alone – call 1-800-SAFENET for foreclosure counseling services.
Additional resources for Oregon homeowners in need of foreclosure assistance.