Mortgage Foreclosure Reform
This problem is one of the most frequent issues that we hear about from constituents. Dr. Bates has been working hard on a mortgage reform bill (SB 198) that will deter foreclosures by placing new conditions on the lender. He knows that thousands of responsible, hard working Oregonians are struggling to keep their homes and that foreclosures are continuing to increase.
Not only
does foreclosure take away what for many is their principal asset, it can ruin
their credit for years, adversely affect their jobs and even their children's
schooling. Neighbors, neighborhoods and communities feel significant
ripple effects, when homes in foreclosure sell far below market value and unsold
properties are not maintained, causing further decline in their property values. Cities,
counties and the State of Oregon are experiencing a cumulative decrease in
their tax base from foreclosures, and vacant homes in the foreclosure process
lead to increased crime and other problems.