After Court Ruling, Legislation, Non-Judicial Foreclosures Stalled In Oregon

After Court Ruling, Legislation, Non-Judicial Foreclosures Stalled In Oregon

It’s been about 5 years since the housing bubble burst. The ensuing foreclosures uprooted millions of Americans from their homes. In the years since, Oregon has seen has seen a slow, yet steady decline in its foreclosure rates. That is until last July, when non-judicial foreclosures in the state all but disappeared. Some loan servicers have begun taking debtors to court. But others seem to be taking a “wait-and-see” approach.

For Clair Klock of Corbett, the timing couldn’t have been much worse. He and his wife agreed to take out a loan on behalf of a family member. The plan was that the family member would eventually refinance. That was in 2006. When the recession hit, Klock and his wife, who are in their 60’s and 70’s, found themselves with a second mortgage on a house that was worth less than the amount of the loan. He’s stopped making the payments. Now he just wants the servicer to foreclose, take the house and be done with it. But so far, that hasn’t happened.

Klock explained, “I just want to get that off my desk and not have to think about it. And that’s my frustration that we just can’t have closure on it and move on.”

As Klock waits to see what happens with his property, so too are thousands of other Oregonians at risk of foreclosure. John Helmick is the president of Eugene-based Gorilla Capital, a company that invests in foreclosed properties and also tracks foreclosure data. His data show since this summer non-judicial foreclosures — that’s foreclosures processed outside the courts — are down about 90 percent though much of the state.

Helmick said, “This isn’t a small shift. This is a paradigm shift.”

Rest here…

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4closureFraud.org

Comments
One Response to “After Court Ruling, Legislation, Non-Judicial Foreclosures Stalled In Oregon”
  1. M Mccloud says:

    No offense…but, THIS IS NOT FLORIDA. We got eco-terrorist here ! We are going to take it to the banks….godspeed.

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