Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary Pearlstein
Effective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice.
This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary determines that a grantor is not eligible for any foreclosure avoidance measure, or that the grantor has not complied with the terms of a foreclosure avoidance measure to which they have agreed. The model form provided in the Appendix to these Division 120 rules is available as “Form 20” at http://www.doj.state.or.us/consumer/pdf/form_20.pdf.
The new provisions also provide the address to which a copy of the notice must be sent. The notice must be submitted to the Attorney General of Oregon at 1162 Court St. NE, Salem, OR 97301-4096 or foreclosureavoidance@doj.state.or.us.
FORECLOSURE AVOIDANCE MEASURE NOTICE
YOU MAY LOSE YOUR PROPERTY
IF YOU DO NOT TAKE ACTION IMMEDIATELY
● You are not eligible for any foreclosure avoidance measure offered by your lender. The following foreclosure avoidance measures were considered but you are not eligible for them. The basis for the Lender’s determination is (must be described with specificity in plain language):
● You are not in compliance with the terms of an agreement with your Lender for forbearance, a temporary or permanent loan modification, a short sale, a deed-in-lieu of foreclosure, or another foreclosure avoidance measure. The basis for the Lender’s determination is (must be described with specificity in plain language): Your property is currently set for sale on _____________________(time/date) at ____________________(location). If you disagree with your Lender’s determination, you should seek legal advice immediately.
There are government agencies and nonprofit organizations that can give you information about foreclosure and help you decide what to do. For the name and telephone number of an organization near you, please call 211 or visit www.oregonhomeownersupport.gov. If you need help finding a lawyer, call the Oregon State Bar’s Lawyer Referral Service online at www.oregonstatebar.org or by calling (503) 684-3763 (in the Portland metropolitan area) or toll-free elsewhere in Oregon at (800) 452-7636. Free legal assistance may be available if you are very low income. For more information and a directory of legal aid programs, go to www.oregonlawhelp.org
About the Author
Zachary Pearlstein, J.D. is Regulatory Compliance Consultant at Bankers Advisory. He is a graduate of Brandeis University and earned his Juris Doctor at Suffolk Law School. He is admitted to the Massachusetts Bar. Zachary can be reached at zachary@bankersadvisory.com
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
They should have done this awhile ago!