Committee to Hear Bill to Expand Foreclosure Mediation

 

 Sen. Shields seeks input in General Government, Consumer and Small Business Protection Committee, Wednesday, Feb 27th, 3pm, OR State Capitol, Hearing Rm. B

 

  

SALEM - The Senate General Government, Consumer and Small Business Protection Committee is holding a public hearing on a bill that would expand Oregon's foreclosure mediation program.  Senate Bill 558 gives homeowners the option of seeking foreclosure mediation with their mortgage lender regardless of whether their home is at risk of judicial or non-judicial foreclosure.

  

The Oregon State Legislature enacted the Foreclosure Avoidance Mediation Program (FAMP) in the 2012 legislative session.  The program was designed to help homeowners work with their mortgage lender when at risk of nonjudicial foreclosure, the predominant type of foreclosure in the state at the time.  In part because of a recent Oregon Appeals Court decision on Niday v. GMAC Mortgage LLC, lenders have stopped using non-judicial foreclosure and have switched to judicial foreclosures.  The bill expands FAMP to judicial foreclosures and makes some smaller technical changes to clarify the mediation process.

  

Sen. Chip Shields (D-22, N/NE Portland), chair of the committee hearing the bill, is looking forward to getting input from homeowners and the public on the merits of expanding the foreclosure mediation program. 

  

Full details

Day: Wednesday, February 27th

Time: Hearing 3-4:45pm

Location: State Capitol, Hearing Room B

Live broadcast: http://www.leg.state.or.us/listn/

Full Committee Agenda

 

 

 

For more information about the upcoming hearing, please call Amanda Hess at 503-986-1722, or email sen.chipshields@state.or.us