Stop Foreclosure Answer

Have you realized that while mortgage companies have been slow in helping people facing foreclosure to save their homes, more and more states, courts and local organizations have taken action to get the mortgage companies to respond?  The latest state to do so is Oregon.

On Monday, September 28, a new law went into effect in Oregon.  It was passed in June with overwhelming support from both democrats and republicans.  The bill was then signed by the governor.  Under state law, the new law took effect 60 days after the governor signed it.

How Does the New Law Help People Facing Foreclosure?,

 It requires that a mortgage company send a notice to people facing foreclosure.  The notice advises them that they can request a loan modification.  These modifications can lead to lower monthly payments and can help them save their homes.  The notice also lets them know that they can request a meeting with a representative of the mortgage company.  This notice has to be sent before the mortgage company can foreclose on the property.

Included with the notice is a form which the person can complete to request a loan modification and a meeting with the representative from the mortgage company.  The mortgage company also has to include information on the person’s rights.

When a person facing foreclosure completes and returns the form requesting that their loan be modified or that they would like to meet with a representative of the mortgage company, the mortgage company has to respond promptly. They also must set up the meeting if one is requested.  The law also requires that the mortgage company complete an affidavit indicating how they complied with the law in each case.

Under the law the Department of Justice in Oregon authorized additional funds for housing counselors to assist people facing foreclosure with their requests for loan modifications.

Now people facing foreclosure are being urged to do the following as soon as they receive the notice from their mortgage company:

• Call their mortgage company to schedule the meeting to discuss a loan modification.
• Send the completed request form to their mortgage company within 30 days of when they receive it.
• Get a referral to a housing counselor by calling an 800 number.

Just Think About What This New Law Does 

 When you think about it, this new law comes down hard on the mortgage companies.  It clearly indicates that the mortgage companies are not doing their job.  The state legislators are tired of people facing foreclosure being victimized by their mortgage companies.  People facing foreclosure are being clearly told how they can request a loan modification and a meeting with their mortgage company.  They are also being urged to get help from a housing counselor.

What Should You Do?

 If you live in Oregon and are facing foreclosure, take advantage of the help this law is giving you.  Fill out the request to have your loan modified and to meet with a representative from your mortgage company.  Also get a housing counselor to represent you.

If you live elsewhere, get a lawyer or an expert in loan modifications to represent you.  While there may not be a law in your state similar to the one in Oregon, a lawyer or an expert in loan modifications can help you request a modification to your loan which can help you save your home and protect your family.

Just a reminder – if you want to find out more about the foreclosure process and steps you can take to save your home from foreclosure, you might want get my EBook.  You can find out more about it by clicking Stop Foreclosure.

Much Success,

Mark Elkins