(Jeff Sorg, OnlineEd – Portland, OR) Oregon has amended the provisions of its Foreclosure Avoidance Notice by providing for the form and content of the notice when a lender determines that a homeowner is not eligible for foreclosure avoidance measures or has not complied with an already agreed upon avoidance measure.
The form [Form 20] requires the lender to include homeowner name, lender name, and the subject property address. The lender will then check an appropriate box on the form indicating either that the homeowner is not eligible for any foreclosure avoidance measure or that the homeowner is not in compliance with the terms of an agreement already reached with the lender. The lender must describe with specificity and in plain language their basis for their determination. The form also notifies the homeowner of the date and location set for the sale of the property, cautions the homeowner to seek legal advice, and provides information about agencies and organizations to assist the homeowner.
For more information about OnlineEd’s mortgage and real estate broker education visit www.OnlineEd.com. For more information about mortgage-specific learning management systems and products for compliance training, tracking, and management visit https://www.onlineed.com/inlineed.php or contact Joseph Mikkelson at 1.866.519.9597.
This article was published on February 12, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements, laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.
Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.