REPRESENTATIVE JIM WEIDNER
HOUSE DISTRICT 24
FOR IMMEDIATE RELEASE
CONTACT: Rep. Jim Weidner
February 15, 2012
REP. WEIDNER PASSES BILL TO PROTECT STRUGGLING HOMEOWNERS FACING GOVERNMENT FORECLOSURE
SALEM—The House of Representatives today unanimously approved legislation introduced by Rep. Jim Weidner (R-Yamhill) to protect seniors and other vulnerable citizens facing foreclosures by local governments.
HB 4111 establishes a minimum sales price based on certain factors when local government sells property to collect unpaid liens for final assessments for local improvements. Under current law, a local government foreclosing a lien cannot accept a bid that exceeds the amount of the lien. The land could be worth much more, but it cannot be sold at the higher market price.
Rep. Weidner says the bill assures that these properties will not be sold unless a fair bid is received.
“This bill helps struggling homeowners by ensuring that revenue generated above what is owed to the local government goes to the original property owner so they can use this residual income to improve their situation,” Rep. Weidner said. “It allows Oregonians to keep a portion of that they’ve worked to obtain, and it gives them their justified return on their property investments during these tough economic times.”
HB 4111 allows each unit of land or tract to be sold for an amount equal to, or exceeding the greater of, the amount of unpaid assessment plus interest, penalties or cost of sale, or 75 percent of the total assessed valued determined by the county assessor plus interest, penalties and cost of the sale.
“The sale will be made be made to the highest bidder, as long as the minimum sales price is satisfied,” Rep. Weidner said. “Struggling homeowners shouldn’t lose their home and all of their equity simply because they can’t afford to pay an assessment that was forced upon them.”
HB 4111 now moves to the State Senate for further consideration.