If you’re a mortgage borrower in Oregon, you may be entitled to protection under a new Oregon law that protects property owners from foreclosure during the COVID-19 pandemic. HB 4204, as it’s known, was effective June 30, 2020. The full text of the statute is available here: https://olis.oregonlegislature.gov/liz/2020S1/Downloads/MeasureDocument/HB4204
The law prohibits foreclosure of most borrowers between March 8, 2020, through December 31, 2020. In addition to its foreclosure moratorium, the law creates the right for borrowers financially affected by the pandemic to notify their lender of their hardship, skip and defer monthly payments until the maturity date of the loan. While payments are deferred, lenders cannot treat the loan as if it is in default. Borrowers who are damaged by a lender’s noncompliance can file suit to recover damages costs and attorney fees. If you are entitled to rights under HB 4204, your lender should have sent you a written notice of those rights by August 29, 2020.
There are exceptions, and this is general information, not legal advice. Please contact Elemental Law LLC for advice and help with your specific situation.