Oregon Finalizes Foreclosure Avoidance Mediation Program Rules

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On February 1, the Oregon Department of Justice published final rules to implement the foreclosure avoidance mediation program established by legislation enacted in April 2012, which requires beneficiaries to (i) enter into mediation with a grantor for the purpose of negotiating a foreclosure avoidance measure, and (ii) notify a grantor if they are not eligible for any foreclosure avoidance measure or if the grantor has not complied with the terms of a foreclosure avoidance measure. The final rules took effect January 7, 2013, and replaced temporary rules that had been in place since July 2012. The Oregon Department of Justice also updated its Frequently Asked Questions for borrowers and lenders/servicers.