A foreclosure mediation program is taking off in Oregon, as the state sets up 100 meetings between lenders and borrowers to prevent foreclosures statewide.
Per Oregon Live:
It's too early to see whether the program has been successful in avoiding foreclosures or otherwise helping homeowners. Only four meetings had been held as of Oct. 23, and in each case the parties agreed to meet a second time.Sponsor Content
"We're just starting to see the volume of cases that we're seeing the patterns and learning the lessons," said Emily Reiman, who runs housing counseling programs for the Springfield-based Neighborhood Economic Development Corp. "It's hard to draw a whole lot of conclusions right now."
The program, meanwhile, has created a temporary bottleneck in the foreclosure process, leading to a steep decline in filings while lenders work through the first batch of cases under the new laws.