SALEM, Ore. (AP) -- The Oregon House has voted to extend a requirement that some mortgage lenders meet with struggling borrowers and a professional mediator before initiating foreclosure proceedings.
The mediation requirement was first adopted last year. It applies only to certain foreclosures that are processed outside the courts. The measure approved Wednesday would extend it to all foreclosures.
The majority of foreclosures in Oregon have long been processed outside courts, but they shifted to the judicial system after an appellate court ruling last year. Proponents hope the mediation will lead to an agreement that would allow borrowers to keep their home.
The measure goes next to Gov. John Kitzhaber.
- Investing Education