Legislative Update
Senate Bill 558 Foreclosure Avoidance Bill
On June
4, 2013, John Kitzhaber, the Governor of Oregon signed SB 558 which expands and
modifies the requirements in regards to the "Foreclosure Avoidance
Measure" (mediation) program created by SB 1552 to include judicial and
non-judicial foreclosures.
The
statute affects residential trust deeds and becomes effective August 4, 2013.
"Residential Trust Deed" means a trust deed on property upon which
are situated four or fewer residential units, one of which the grantor, the
grantor's spouse or the grantor's minor or dependent child occupies as a
principal residence at the time of a default that results in an action to
foreclose the obligation secured by the trust deed first occurs. Foreclosures
initiated after August 4, 2013 require the beneficiary that intends to record a
notice of default shall first request a resolution conference with the grantor.
The request for a resolution conference must be made through the service
provider electronically, by fax or by mail. The Service Provider website set
forth in item (4) of the rules is http://www.foreclosuremediationor.org
The
bill contains many requirements and other provisions that should be reviewed in
detail. As of today's date, the Attorney General has posted "Draft"
rules and forms on their website. If you wish to view the draft rules and forms, below is
a link to the website:
Here is a link to the complete bill SB 558:
If you
have any questions about the bill, or would like to review its details with us,
please contact Linda Kidder at (714) 480-5640 or via e-mail through our
company’s contact page at http://www.tdsf.com/contact.html
