Oregonians facing the loss of their homes need clear and accurate information about their rights, obligations and the foreclosure process. Where possible, alternatives to foreclosure ought to be fairly considered. When there is no viable alternative, the foreclosure process ought to be conducted with adequate notice and transparent process. The Housing Alliance has adopted the following principles:
- Mediation to stop preventable foreclosures – Mediation should be required before finalization of a foreclosure, to provide homeowners and lenders the opportunity to make timely decisions regarding alternatives to foreclosure.
- Dual-track protection – Homeowners should be protected from foreclosure during the time they are actively engaged in loan modification or loss mitigation negotiations. Loss mitigation negotiations ought to be fair and transparent.
- Servicer standards – Loan servicers should adhere to basic minimum standards of good faith and fair dealing, and should be held accountable for violations of those standards.
To lend your voice to this effort, please contact Janet Byrd at jbyrd@neighborhoodpartnerships.org. We’ll let you know of hearings and other advocacy opportunities as they arise in February. In the meantime, contact your legislator to let them know these issues matter to you, and that you want to see action in February.