The Oregon Legislature approved Senate Bill 558A on May 22, 2013. The legislation is headed to the Governor Kitzhaber for signing. Senate Bill 558A contains a number of significant changes to Oregon’s foreclosure laws and dramatically expands the existing foreclosure mediation program by, among other things, requiring mediation as a condition to completion of judicial and non-judicial foreclosure of residential trust deeds by non-exempt financial institutions. The legislation will take effect immediately upon signing by Governor Kitzhaber. Anyone conducting residential foreclosures in Oregon should carefully evaluate the legislation and its impact upon the foreclosure process.
Sound Counsel. Smart Business.