Several Oregon ON members, including Emily Reiman of NEDCO (pictured left) have been working on the rulemaking process for SB 1552, as part of a special Oregon ON Homeownership Counseling Subcommittee (Emily is a co-faciliator of our Homeownership Education and Counseling Working Group).
Throughout this process, Emily has been meeting regularly with homeownership counselors all over the state to find out the best and most efficient way to implement the program so that it is actually doable and helps homeowners as much as possible.
SB 1552 offers mediation to homeowners in foreclosure or underwater in their mortgages, giving them the opportunity to discuss foreclosure- avoidance measures with their bank and a neutral third party. Part of the legislation stipulates that homeowners must receive counseling before they are eligible for mediation, which could potentially greatly increase the demand for homeowner counseling across the state.
Our goal in participating in the rulemaking process is to ensure the best outcome for homeowners, and our members and housing counselors.
Thank you to Emily and all of our members for all your time and hard work!