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HB 2009 - Establishes Foreclosure and Mortgage Assistance - Oregon Key Vote

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Title: Establishes Foreclosure and Mortgage Assistance

Vote Smart's Synopsis:

Vote to pass a bill that establishes foreclosure and mortgage assistance.

Highlights:

 

  • Defines “housing counselor” as a counselor employed by a nonprofit housing counseling agency that the Housing and Community Services Department or a successor state agency approves (Sec. 3-3).

  • Establishes during the emergency period, if a borrower gives notice, a lender may not do the following (Sec. 1.f):

    • Impose or collect charges, fees, penalties, attorney fees or other amounts that, but for the provisions of this section, the lender might have imposed or collected from a borrower for failing, during the emergency period, to make a periodic installment payment or to pay another amount due on or in connection with the borrower’s obligation;

    • Impose a default rate of interest that, but for the provisions of this section, the lender might have imposed or collected from a borrower for failing, during the emergency period, to make a periodic installment payment or to pay another amount due on or in connection with the borrower’s obligation;

    • Treat in any manner the borrower’s failure during the emergency period to make a periodic installment payment or pay another amount due on or in connection with the obligation as an ineligibility for a foreclosure avoidance measure; or

    • Require or charge for an inspection, appraisal, or broker opinion of value during the emergency period.

  • Specifies a lender is not liable to a borrower for damages if (Sec. 1-8.b):

    • The lender’s action violated the prohibitions, but the action occurred before the lender received a notice from the borrower; or

    • The lender sent to the borrower a periodic statement, billing notice, or other communication that appeared to seek payment for an obligation the lender deferred.

  • Requires the beneficiary’s request to identify the residential trust deed that the beneficiary intends to foreclose and list the name, title, address, telephone number and other available contact information for (Sec. 4-2):

    • The beneficiary;

    • Any agent of the beneficiary that will attend the resolution conference;

    • Any person other than a person identified in paragraph (a) or (b) of this subsection that will receive, on the beneficiary’s behalf, notices or other communications related to the resolution conference; and

    • The grantor.

  • Authorizes a facilitator to suspend or postpone a resolution conference after the resolution conference has begun (Sec. 8-3):

    • One time only on the facilitator’s initiative or in response to a request for a suspension or postponement from the beneficiary or the grantor;

    • After a suspension or postponement under paragraph (a) of this subsection only if the beneficiary and the grantor agree to the additional suspension or postponement; or

    • If the beneficiary or the grantor needs additional time to write or sign a document that sets forth the terms of a foreclosure avoidance measure.

  • Requires the grantor to submit the following information to the service provider (Sec. 9-2.c):

    • Information about the grantor’s income, expenses, debts and other obligations;

    • A description of the grantor’s financial hardship, if any;

    • Documents that verify the grantor’s income; and

    • Any other information the Attorney General requires by rule.

  • Requires the grantor to consult a housing counselor before attending the resolution conference unless the grantor cannot obtain an appointment with a housing counselor before the date of the resolution conference (Sec. 9-3).

Title: Establishes Foreclosure and Mortgage Assistance

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