Oregon Bill Lets Homeowners Meet Lender Face-to-Face with Mediator

In Oregon, homeowners who are falling behind on payments can talk face-to-face with their lender to work out an agreement outside of foreclosure.

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Senate Bill 1552, which took effect July 11, allows struggling homeowners to meet with their lender with a mediator in a neutral location.
Two specific types of homeowners qualify: those who have received a ""Notice of Mediation"" from their lender and those considered ""at-risk"" of default.

The ""program"":http://www.foreclosuremediationor.org/ requires homeowners who received a ""Notice of Mediation"" to respond by the deadline notice and involves a $200 fee for mediation. Not responding by deadline disqualifies homeowners from program mediation.

Through the program, homeowners will also meet with a housing counselor, who will assist the homeowner by finding out what other workout options might exist and help with the completion and submission of financial documents for mediation.