Foreclosure rates expected to increase throughout state

For several counties across Oregon, the rate of foreclosures has experienced a substantial uptick. Statistics compiled by Gorilla Capital, one of the primary purchasers of distressed real estate in the country, show that the number of filings have increased from 395 in February to 566 in March. Senate Bill 1522, which took effect in the summer of 2012, was intended to require mediation between banks and homeowners during the foreclosure process. However, the law did not require mediation for judicial foreclosures, prompting many banks to go that route and skip the mediation requirement. To fix the loophole, the Legislature passed Senate Bill 558A, which added the mediation requirement to judicial foreclosures.”That has caused a huge backlog,” Helmick said.”Oregon will lag behind the rest of the country because we have not processed through the distressed, abandoned, vacant homes out there.”…state


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