February 12, 2013
Oregon had created a mediation program in 2012 but the program faced opposition from the banks because they believed the authorizing bill was unclear and exposed them to liability.
Lenders have shifted from nonjudicial foreclosures to court-supervised foreclosures, which are more costly and time-consuming. The number of court-supervised foreclosures in Oregon has exploded. Washington County, for example, recorded 840 judicial foreclosures during the first 11 months of 2012, compared with 199 during all of 2011.
Sens. Brian Boquist, R-Dallas, and Lee Beyer, D-Springfield, plan to introduce legislation to close loopholes in the 2012 bill. Their goal is create a short-term way to establish clear title for foreclosures until the Supreme Court rules on a pending foreclosure case.
Read article here: http://www.oregonlive.com/opinion/index.ssf/2013/01/mortgage_mediation_mers_need_q.html| Permalink