Posts Tagged ‘loan modification’

SB 827 builds on Senate Democrats’ foreclosure work of 2009 session

SALEM – The Oregon Senate approved a bill this morning that will clarify, streamline, and add some teeth to the state’s foreclosure laws. Senate Bill 827 will ensure that homeowners facing foreclosure receive timely, standardized information about how to request a loan modification and will give them recourse if there is a violation.

“The ongoing foreclosure crisis demands that we take action to help Oregon homeowners,” said Senator Suzanne Bonamici (D-NW Portland/Washington Co.), who carried the bill on the floor. “SB 827 builds on our work from last session and will increase the number of people we can help. With this bill, more Oregonians will have the information they need and the chance to be fairly considered for loan modification as an alternative to foreclosure.”

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