Results for Think Out Loud (Other Results)
Drive down any residential street these days and it is likely you'll see at least a For Sale sign or two. You might even catch sight of an ominous Foreclosure notice. For some people this signals the possibility of a great deal. For others it evokes fear, as the economy continues to suffer. Could your home be next? On July 30th, Governor Kulongoski signed a bill aiming to prevent unnecessary home foreclosures in Oregon. The legislation makes new requirements of lenders: they must make a “good faith effort” to consider modifying the borrower’s loan; and they must notify borrowers whose homes might be foreclosed upon that they have a right to meet with the lender. The legislation passed following a significant spike in home foreclosures across Oregon in the first half of 2009. Oregon now ranks eleventh in the nation for foreclosures. There have been 19,503 foreclosure-related actions in the last six months. Portland, Salem and Eugene all had at least double the number of foreclosures compared to the first half of 2008. It’s speculated that this rise in foreclosure activity might have more to do with unemployment than subprime mortgages.
Segmentarticle - Aug. 10, 2009
Just a day after signing the $787 billion stimulus package in Denver, President Obama traveled to Phoenix today to announce his plan to help struggling homeowners avoid foreclosure. The $75 billion plan has been called ambitious and it certainly has its critics. Millions of homeowners could be affected by the plan, which would create incentives for mortgage brokers to renegotiate home loans and put more funds towards government-owned Fannie Mae and Freddie Mac. READ MORE >>
Segmentarticle - Feb. 19, 2009
A recent report from the AARP found the mortgage crisis took quite a toll on older Americans, leaving 1.5 million people over the age of 50 without homes since 2007. The report (pdf) says, “Despite the perception that older Americans are more housing secure than younger people, millions of older Americans are carrying more mortgage debt than ever before.” The report also showed the fastest rise of mortgage debt belonged to Americans 75 or older. The percentage increase of seriously delinquent loans among people 50 years or older also made headlines, increasing about 456 percent from 2007 to 2011.
Segmentarticle - July 23, 2012
One of the new Oregon laws to come out of the short legislative session in February adds a step in the foreclosure process that could help homeowners. The law allows homeowners to request mediation with their bank when foreclosure is imminent. It also requires banks to honor homeowners' requests for mediation. The first step homeowners must take to kick off the mediation process is to request a meeting with a federally certified housing counselor. The law doesn't go into effect for a few months, but counselors are already seeing a sharp increase in demand for their services. Similar laws exist in Washington and other states, but some say they're not doing much to keep people in their homes. Either troubled homeowners don't know about the programs or they don't believe that mediation will motivate banks not to foreclose.
Segmentarticle - March 30, 2012
Foreclosures are up. In fact, the rate at which homes are being foreclosing on in Oregon is now the third highest in the nation. On past shows, real estate experts have talked about foreclosures, depressed market values, and decimated credit scores. But what about short sales? Those are home sales where the bank agrees to take less than the amount owed on the loan. Rick Sadle who negotiates short sales for a living says his business has doubled in the last year. He thinks that may be because more people are willing to explore that option before they go into foreclosure. But he says, short sales are by no means the answer for everyone who's upside-down on their homes. Most experts are not predicting a big turnaround in the housing market anytime soon — that's despite the lowest interest rates in a half century. Though rates are low, only a small percentage of people can easily qualify for credit.
Segmentarticle - July 12, 2010