Mortgage Accounting Explained Mortgage Accounting Explained#1: The loan documents control the payment NOT the statement. #2: Payments are applied to the oldest month due.#2: Payments are applied to the oldest month due.#3: Partial Payments don’t apply.Consult a Portland Foreclosure Defense Attorney If you are an Oregon homeowner concerned with staying current on your mortgage then this series is for you. Today we are going to talk about mortgage accounting I will be giving you three important things to know to help you decipher that mortgage statement you receive every month. Your home is your biggest asset and, besides your family and…
Oregon bans foreclosures thru September 30th, some relief retroactive to March 8, 2020
Oregon Stops Foreclosures thru AT LEAST September 30th
Oregon’s governor just signed into law an emergency bill that takes effect immediately and stops any foreclosure in this State thru at least September 30th. Like most things in the law, the devil is in the details and exceptions may exist – you should contact a lawyer for specific answers to your unique situation.
The law may be extended beyond September 30th if the Governor, by August 31st, signs an executive order extending the protection.
Just because a Lender cannot start or continue a foreclosure does NOT mean the payments go away – at some time there will be a reckoning.
Common situations for a homeowner living in their residence include:
Mortgage is current but cannot continue to pay
If you are current on your mortgage but will not be able to make the next payments which come due, you can notify your lender that (a) you are unable to make a payment and (b) the inability to pay is due to loss of income related to the Covid-19 pandemic. Your lender then cannot hold you in default for failure to make this payment while the state law is in effect.
Mortgage was current as of March 8, 2020 but fell behind after that
If you were current as of March 8, 2020 but fell behind on payments after that, you can notify your lender that you fell behind because you lost income due to the Covid-19 pandemic and cannot presently make the payments. Your lender cannot proclaim a default and will have to retract any default issued since March 8, 2020.
Mortgage was in default prior to March 8, 2020 but no foreclosure has yet been started
If your mortgage payments were not current on March 8, 2020, but the lender has NOT started any foreclosure process against you, then the lender cannot start a foreclosure until after September 30, 2020 (or later if the Governor extends the protection.)
Mortgage was in default prior to March 8, 2020 and a foreclosure lawsuit has been filed
If your mortgage payments were not current on March 8, 2020, and after that date the lender filed a foreclosure lawsuit against you in Court, then the Court is required to dismiss the lawsuit. The lender will have to file a new lawsuit after September 30, 2020 (or later if the Governor extends the protection.)
Mortgage was in default prior to March 8, 2020 and a foreclosure Notice of Trustee Sale has been issued
If your mortgage payments were not current on March 8, 2020, and after that date the lender issued a foreclosure Notice of Trustee Sale, the foreclosure Trustee cannot hold the sale indicated in that Notice and is required to push the sale date back until after September 30, 2020 (or later if the Governor extends the protection.)
Michael D. O’Brien & Associates is an Oregon law firm of nationally certified attorneys who have been proudly helping honest Oregonians solve debt problems since 1996. Our attorneys utilize foreclosure defense tools, debt settlement, consumer protection laws, and bankruptcy to craft real solutions to unique client problems.
Our Oregon Attorneys are here to help!