The Oregon Department of Consumer & Business Services has announced that a new law has taken effect. Senate Bill 628, is designed to help homeowners who face foreclosure.
Upon request of the borrower, lenders are now required to meet with them in person or by telephone to be evaluated for loan modificiation options. This will hold lenders accountable for responding to requests of assistance by their distressed borrowers. Click here for the September 28th press release.
Personally, I have not noticed that there is a problem in this area. It has been my experience that banks are quick to respond to requests for modification help. A much bigger problem is the banks being extremely slow in responding to short sale properties that have bonified offers. The buyers are simply not willing to wait 60-90 days (or often longer) to find out if their offer is approved.
As always, your comments are welcome. Have a great week!