Community Connection can help, and you don’t have to go it alone. We are a HUD-approved housing counseling agency that provides FREE assistance to struggling homeowners with the goal of helping them keep their homes and avoid foreclosure when possible.
Foreclosure is the legal process a lender uses to reclaim and resell a home or real property when the owner fails to make mortgage payments for an extended period. While the specifics vary, federal law generally prohibits a loan servicer from initiating foreclosre proceedings until a loan is more than 120 days past due.
The prospect of losing a foreclosed home is concerning, especially since the original owner may still be liable for any remaining balance if the property sells for less than the outstanding mortgage amount (referred to as deficiency judgement).
Conversely, if the property sells for more than the mortgage balance (plus legal costs), the owner is entitled to the surplus.
Foreclosure has lasting effects on the owner’s credit history and becomes a matter of public record.
On August 4, 2013, the Oregon State Legislature passed Senate Bill 558 (SB558) requiring non-exempt lenders to participate in a Resolution Conference with homeowners prior to beginning foreclosure action. Community Connection’s Foreclosure Intervention Counselor can help you prepare for your resolution conference by communicating with your loan servicer and analyzing options that may be available to you.
During a foreclosure avoidance counseling session, your counselor will:
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