Oregon has experienced a frightening foreclosure rate increase during the first quarter of 2010.
Approximately 22 thousand homeowners in the state are delinquent in their mortgages as of January this year and there are thousands of others who have already lost their homes due to bank repossession.
Currently, the U.
S.
Department of Treasury has placed Oregon in one of the top 20 states with the highest foreclosure rates in the country and has allocated a budget of around 86 million dollars to finance the different mortgage assistance and foreclosure prevention programs of the government which are implemented by the Oregon Housing and Community Services.
In order to avoid discrimination and prevent fraudulent activities in the Real Estate industry, the Oregon Housing and Community Services has come up with a new foreclosure law which will serve as a guide in giving mortgage assistance to Oregon homeowners.
The following are the various laws regarding foreclosure and loan modification practices that must be upheld at all times by all sectors in the Oregon housing market.

1. Affidavits for Loan Modification (HB 3610) - The new bill requires mortgage lender to file the affidavit requirement five days before the foreclosure sale takes place.
   Furthermore, it mandates servicers and lenders to provide accurate and complete information to their borrowers regarding their loan modification application especially when the lenders or servicers decide to reject the homeowner's request.
   
2. Foreclosure Prevention (SB 628) - It gives every Oregonian homeowner the right to a meeting with his or her mortgage lender either via telephone or face-to-face.
   
3. Tenants in foreclosure (SB 952 and HB 3004) - These bills require landlords to give advance notice to their tenants about the imminent foreclosure of the property.
   It aims to provide protection to renting individuals or families, and providing assistance in finding low cost rental housing for them.
   
4. Mortgage lending practices (HB 2188) - Provides protection to Oregonian homeowners against abusive and discriminating practices of mortgage lenders.
   It requires lenders to provide translation when transacting with individuals who speak in languages other than English.
   
5. Enforcement of new federal mortgage lending standards(HB 2189) - Allows theOregon Housing and Community Services to make laws that deals with the housing market to ensure that borrowers' rights are protected.
   The bill also ensures that all personnel working in the loan modification companies in the state has adequate education, experience, etc.
   
6. Mortgage and foreclosure notification (HB 3630) - Safeguards homeowners against fraudulent "consultants" and "equity purchasers" and gives borrowers the right to cancel contracts with these "loan modification experts" as the homeowner deemed necessary.
   
7. Debt management services (HB 2191) - Protects vulnerable homeowners against misleading mortgage advertising, and loan modification agreements.
   

There are other mortgage assistance and foreclosure laws proposed by Oregon Housing and Community Services.
To know your rights and responsibilities, seek for foreclosure counseling today.
Call them at 1-800-SAFENET or visit http://www.
oregonhomeownerhelp.
org/for more information.