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.
Have you been foreclosed upon, or are you facing the possibility of foreclosure? If so, what circumstances led to that, and how could it have been prevented? Have you worked with a lender to renegotiate your loan? How is the high rate of foreclosures statewide affecting you? Did you share your thoughts on our foreclosure show six months ago? How have things changed for you since then?
- Tom Heinicke: Real estate agent in Portland
- D’Arcy Usher Martin: Real estate agent in Eugene
- Ed Delgado: Senior vice president at Wells Fargo Home Mortgage