Mortgage

Oregon home mortgage foreclosures moratorium expires on Friday; free help available

Oregon home mortgage foreclosures moratorium expires on Friday; free help available
Written by Publishing Team

Governor Brown, the state housing agency, urged homeowners to get advice and other help

Salem, Oregon (KTVZ) – An Oregon mortgage ban that will expire Friday, December 31 is in place to prevent foreclosures for those who have lost income or are unable to pay off their mortgage as a result of the COVID-19 pandemic.

The legislation also allowed affected homeowners to defer mortgage payments until December 31, 2021.

Homeowners who are left behind or at risk of missing out on a payment on their mortgage can get free help from accredited housing advisors across the state to learn about their options, Oregon Housing and Community Services said Tuesday in a news release. :

Homeowners who are on an impatient plan can also get help from housing advisors to work with their lender when exiting their carry plan and offset any deferred payments.

The 2009 House of Representatives Act authorized Governor Kate Brown to extend the moratorium twice, but the governor cannot extend the moratorium beyond December 31. Starting in January, homeowners who have used this protection may be expected to resume their mortgage payments and select an option to process their missed payments.

“We have worked hard throughout the pandemic to keep Oregonians at home and to provide a range of resources to support both homeowners and renters,” said Kate Brown. “With the foreclosure hold over, now is a critical time for homeowners who need help to tap into other resources. I urge homeowners at risk of foreclosure to get help as soon as possible. There are free housing counseling, and there are other resources available that may be able to help them. finding a way to stay indoors.”

Long-term stabilization solutions are needed for homeowners experiencing hardship due to COVID-19. In the meantime, there are exercise options for those in active foreclosure or for the thousands of homeowners who need help staying safe and secure in housing. Most homeowners will need to work with a mortgage provider or lender to select an exercise option.

Free help available

Nonprofit homeownership centers provide advisory services to homeowners, including budgeting tools for new situations and evaluating mortgage-trial options, such as modifications or adding deferred payments to the end of the mortgage. Housing advisors are knowledgeable, experienced and dedicated professionals who can help homeowners connect with mortgage service providers and explore their best options for preserving their homes. Counselors can also help homeowners with mortgage assistance programs and avoid foreclosure.

Search a file List of Free Certified Housing Consultants by Province. Homeowners should be aware that some housing advisory agencies may be closed until January 3, 2022 and may take longer to respond due to vacation and remote work policies.

In addition to contacting a certified housing counsellor, Oregon homeowners should contact mortgage services and lenders directly to find out what types of mortgage assistance and foreclosure prevention programs are available.

Homeowners who are behind on their payments may have already been contacted by lenders or may start taking calls and mail as of January 1. Anyone contacted by the lender must respond immediately. Homeowners who contact lenders and workers have some additional protections and usually have more time to learn about their options.

“Everyone has a different mortgage and financial situation, so adjustments and payment options will vary,” said Emily Rayman, CEO of DevNW, an Oregon-based nonprofit that provides free housing counseling and other community services. Housing advisors can help a homeowner decide what type of loan they have and explain the options available to their situation. We can also help homeowners get in touch with their lender and double-check that homeowners are receiving the assistance they are eligible for.”

Avoid fraud

The Oregon Department of Consumer and Business Services recommends that you use extreme caution with offers of assistance from unauthorized companies or persons. We urge homeowners not to provide financial or personal information unless they verify the license status of the company or person.

Chris Coughlin of Oregon Consumer Justice said: “Unfortunately, with the foreclosure moratorium ending, we expect a sudden increase in fraud with dishonest offers of help.” Who can provide free help figuring out the next steps.”

There are a number of common warning signs that homeowners should look out for that may indicate a scam. If the homeowner suspects they are being contacted by a fraud, they can report it to the Consumer Financial Protection Bureau, the Oregon Department of Justice or the U.S. Treasury Department’s Office of Inspector General.

To verify a lender’s license, visit the Financial Regulation Department’s license page and compare it to the National Multi-State Licensing System (NMLS) license number. This number should be included in all advertising materials and should be easy to find. To check the status of a housing advisory agency with your state, be sure to list it on the OHCS website.

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