Legislature, Supreme Court face key foreclosure decisions in new year

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Legislature, Supreme Court face key foreclosure decisions in new year

Legislature, Supreme Court face key foreclosure decisions in new year

Oregon Live-

Oregon’s new foreclosure mediation program was supposed to give homeowners one last chance at keeping their homes.

Instead, when it took effect in mid-July, it brought out-of-court foreclosures to a screeching halt. Faced with new requirements and costs, lenders simply stopped filing new foreclosures. The logjam was compounded a week later by an appellate court ruling that lenders’ recording practices didn’t meet state law.

Five months later, more foreclosures are making their way to courtrooms, an alternative usually slower and costlier for all involved than a traditional foreclosure outside the court system.

[OREGON LIVE]

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