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Key Votes

SB 1552 - Requirements for Lenders Seeking Foreclosure - Key Vote

Oregon Key Votes

Lew Frederick voted Yea (Passage) on this Legislation.

Read statements Lew Frederick made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Requirements for Lenders Seeking Foreclosure

Legislation - Bill Passed (House) (59-1) - (Key vote)

Title: Requirements for Lenders Seeking Foreclosure

Vote Smart's Synopsis:

Vote to pass a bill that requires lenders to enter into mediation with borrowers before foreclosure.

Highlights:
  • Requires a lender seeking to foreclose on a residential mortgage to enter into mediation with the borrower to negotiate a foreclosure avoidance measure (Sec. 2).
  • Defines a “foreclosure avoidance measure” as an agreement between a lender and a borrower that uses any of the following methods to modify a mortgage (Sec. 2):
    • The lender defers or refrains from collecting 1 or more payments due on the mortgage;
    • The lender modifies the terms of the mortgage;
    • The lender accepts a deed in lieu of foreclosure from the borrower;
    • The borrower conducts a short sale; or
    • The lender provides the borrower with other assistance that enables the borrower to avoid foreclosure.
  • Requires the lender and the borrower to share the cost of mediation, except that the borrower's portion of the cost may not exceed $200 (Sec. 2).
  • Authorizes a mediator to waive the borrower's portion of a mediation fee (Sec. 2).
  • Authorizes a borrower to opt-out of mediation with a lender after consulting a housing counselor (Sec. 2).
Legislation - Bill Passed (Senate) (26-4) - (Key vote)

Title: Requirements for Lenders Seeking Foreclosure

Vote Smart's Synopsis:

Vote to pass a bill that requires lenders to enter into mediation with borrowers before foreclosure.

Highlights:
  • Requires a lender seeking to foreclose on a residential mortgage to enter into mediation with the borrower to negotiate a foreclosure avoidance measure (Sec. 2).
  • Defines a “foreclosure avoidance measure” as an agreement between a lender and a borrower that uses any of the following methods to modify a mortgage (Sec. 2):
    • The lender defers or refrains from collecting 1 or more payments due on the mortgage;
    • The lender modifies the terms of the mortgage;
    • The lender accepts a deed in lieu of foreclosure from the borrower;
    • The borrower conducts a short sale; or
    • The lender provides the borrower with other assistance that enables the borrower to avoid foreclosure.
  • Requires the lender and the borrower to share the cost of mediation, except that the borrower's portion of the cost may not exceed $200 (Sec. 2).
  • Authorizes a mediator to waive the borrower's portion of a mediation fee (Sec. 2).
  • Authorizes a borrower to opt-out of mediation with a lender after consulting a housing counselor (Sec. 2).
Legislation - Introduced (Senate) -

Title: Requirements for Lenders Seeking Foreclosure

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