Oregon Legislature Changes Non-Judicial Foreclosure Procedures; Governor Expected to Sign SB 1552 B Into Law
The Oregon Legislature approved Senate Bill 1552 on March 5, 2012, which will require mortgage lenders to meet new requirements to effectuate a non-judicial foreclosure, including mandatory mediation. Additionally, it will end the “dual track” practice of proceeding with a foreclosure while the lender and homeowner negotiate a loan modification. The law will become effective upon signature by the governor.
For more information, please contact the Mortgage and Consumer Finance Practice Group at Lane Powell: