July 11, 2012
Great news for Oregonians struggling to make their mortgage payments - the Oregon Foreclosure Avoidance Mediation Program goes into effect today, providing those facing foreclosure the right to meet with their mortgage lenders and a mediator to seek alternatives.
The mediation program was created by Senate Bill 1552. The bill also prohibits mortgage lenders from processing foreclosures before they complete foreclosure mediation discussions.
Starting today, homeowners who receive a notice of default will also receive information on free foreclosure counseling and low-cost mediation services.
The program will help provide a great safety net for our community during this challenging time.
The Oregonian Editorial Board
Kerry Tomlinson on KATU News