avoiding foreclosure
Foreclosure Mitigation Counseling
Facing the potential loss of your home to foreclosure can be a frightening and overwhelming experience. The Yamhill Housing Resource Center offers free foreclosure counseling to anyone in need.
Our staff will sit down with you to review any notices you have received from your loan servicer, work out a budget, and discuss what you would like to do. Whether you decide to keep your home or not, we can help you work with your servicer to find an option that will work best for your goals while protecting your credit as much as possible.
Please contact us at 503-883-4300 or by email for more information regarding foreclosure.
Moratorium on residential mortgage foreclosures to expire on December 31
Homeowners urged to seek free guidance from housing counselors
Free help is available
Nonprofit homeownership centers offer counseling services for homeowners, including budgeting tools for new situations and evaluation of mortgage workout options, such as modifications or adding deferred payments to the end of a mortgage. Housing counselors are knowledgeable, experienced, and dedicated professionals who can help homeowners communicate with their mortgage servicers and explore their best options for keeping their homes. Counselors can also help homeowners with available mortgage assistance and foreclosure avoidance programs.
Search the full list of free certified housing counselors by county. Homeowners should be aware that some housing counseling agencies may be closed until Jan. 3, 2022 and may take longer to respond due to the holidays and remote working policies.
In addition to connecting with a certified housing counselor, Oregon homeowners should directly contact their mortgage servicers and lenders to see what types of mortgage assistance and foreclosure prevention programs are available. Homeowners who are behind on payments may already have been contacted by their lenders or may start receiving calls and mail starting January 1. Anyone who is contacted by their lender should respond immediately. Homeowners who communicate with their lenders and servicers have some additional protections and usually have more time to figure out their options. “Each person has a different mortgage and a different financial situation, so modifications and payment options will vary,” said Emily Reiman, chief executive officer at DevNW, one of the Oregon nonprofits that offers free housing counseling and other community services. “Housing counselors can help a homeowner determine what type of loan they have and explain the options available for their situation. We can also help homeowners communicate with their lender and double-check that homeowners are being offered the assistance they are eligible for.”
Avoiding fraud
The Oregon Department of Consumer and Business Services recommends being extremely cautious with offers to help from unauthorized companies or people. Homeowners are urged not to provide financial or personal information unless they verify the company or person’s licensing status.
There are a number of common warning signs homeowners should look for that may indicate a scam. If a homeowner suspects they’re being contacted by a scammer, they can report it to the Consumer Financial Protection Bureau, the Oregon Department of Justice or the U.S. Treasury’s Office of the Inspector General.
To verify a lender’s license, visit the Division of Financial Regulation’s license page and compare it with the Nationwide Multistate Licensing System (NMLS) license number. This number must be included on all advertising materials and should be easy to find. To verify a housing counseling agency’s status with the state, make sure they are listed on the OHCS website.