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Help for Homeowners is Here!

After years of work to bring foreclosure reform to Oregon, SB 1552 went into effect today. As many of you know, the law outlaws the dual track system in which banks foreclose on homeowners in the middle of foreclosure-avoidance negotiations, and also implements a mediation program to facilitate face-to-face meetings that give homeowners a chance to sit down with a decision maker from their bank and a neutral third-party mediator.

The legislation is making headlines across the state, including this front page article by the Oregonian’s Elliot Njus. The in-depth report provides information on how the program will work, the benefits that homeowners will potentially see from mediation and includes analysis from experts in housing policy. In regards to Oregon's program, National Consumer Law Center’s Geoff Walsh was quoted as saying, “I think it really has the potential to be one of the most effective in the country.”

In addition, both the Statesman-Journal and the Oregonian issued very supportive editorials.

Here are some steps you can take now to help get the word out about the law, and take advantage of it yourself:

- Are you worried about making your mortgage payments? Feel like you're at risk of default? Starting today, most foreclosures will start with an offer to mediate. It’s up to the homeowner to respond by the deadline listed on the mediation notice they receive. Homeowners not yet in default will not receive a notice, and instead should contact the mediation service provider themselves. Visit ForeclosureMediationOR.org or call 855.658.6733 to learn more about how to request a mediation session with your mortgage servicer. We'd love to hear how your mediation experience goes! Please report back to us by calling EFO at 503.236.6088, or sending us an e-mail.

- Spread the word! Tell your neighbors, friends and family about the program. If you are part of an organization or social group that exchanges e-mails, contact us for copy to send out to your network about the mediation program.

- Hold a presentation about the new program. If you would like EFO to attend a community event or organizational meeting to present an overview of the mortgage mediation program, please call us at 503.236.6088.

Giving Thanks

A note from our Executive Director, Angela Martin

Passing the law was only the first step. The last four months have been a flurry of activity to build the program and conduct trainings across the state. Many people put in long hours – Sybil Hebb with the Oregon Law Center; Janet Byrd with Neighborhood Partnerships; Emily Reiman with NEDCO; Tim Inman, policy staff for Representative Tina Kotek; Greg Alderson, policy staff for Senator Diane Rosenbaum - some even volunteered countless hours and provided invaluable expert advice – Kelly Harpster, thank you!

Several state agencies played important roles as well. Oregon Housing and Community Services worked with housing counselors to make sure they were ready to help homeowners right away. Last but not least, we would be nowhere without the dedication and leadership from the staff at Oregon Department of Justice – Keith Dubanevich, Mike Niemeyer, Simon Whang and the entire Consumer Protection Division - thank you!

Our consumer advocacy is funded by donations from the public. Please consider making a contribution to help us continue our work fighting for the financial rights of Oregonians!

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Economic Fairness Oregon is a non-profit, non-partisan organization dedicated to consumer protection and fair lending laws. Our goal is to restore a financial system built to work for the people, not against them.

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Phone: 503.236.6088
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