By David Nguyen
We are pleased to report that Oregon’s foreclosure rate dropped dramatically July, thanks to Oregon's new Foreclosure Avoidance Mediation Program which took effect last month.
During the month of July there were just 384 foreclosures, 65.15% fewer than in June and 65.28% lower than one year ago.
The new law eliminates what's called dual-tracking - the bank continues the foreclosure process while also working on a loan modification to try and keep homeowners from foreclosing. The program guarantees that homeowners who receive a notice of default will also receive information on free foreclosure counseling and low-cost mediation services.
Learn more about the new foreclosure law online.
Learn more about foreclosure prevention and state programs online.
Oregon's mediation law helps halve foreclosures
Wendy Culverwell in the Portland Business Journal