Portland, OR (PRWEB) August 29, 2011
HB2916 which was not too long ago signed into Law by Oregon State Governor John Kitzhaber will help establish a lot more certainty around seller deficiencies soon after finishing a quick sale of their house, according to John Bacon, a Broker with Keller Williams Realty Portland Premiere. The deficiency, which is the distinction in between the balance owed to a lender and what a property sells, can leave some home owners open to future collection attempts by lenders. It is hoped that the new law will give clarity to the situation since lenders who write off the bad debt with the IRS will not be allowed to pursue homeowners. It will also assist devastated homeowners who may have been faced with filing bankruptcy.

The hopeful outcome will be far more clarity for Oregonians,” stated Keller Williams Realtor John Bacon. Mr. Bacon contacted State Representative Matt Wingard to see if something could be carried out to aid struggling home owners faced with bankruptcy, foreclosure or quick sale. “With the run up in property values homeowners who fell on challenging occasions had the ability to sell their residence when times got hard but plummeting equity place a lot of hardworking excellent people in a predicament of getting upside down in their home,” stated Mr. Bacon. There have been over 2300 properties in the Portland Metro Region which have sold considering that the nearby A number of Listing Service started tracking Quick Sale data in July 2009. Additionally, there are at present more than 2400 short sale properties actively becoming sold in the Portland Oregon region.

“We see homeowners who are facing foreclosure attempting to operate out loan modifications and waiting months for what in numerous instances ends up being a denial or really small adjustment in their mortgage payment. In those situations, property owners have a few options left, a single of which is to Short Sale their house,” said Mr. Bacon. John Bacon is continually referring individuals to the governments internet site which provides aid and guidance to struggling homeowners who are having difficulty with their lender and loan modifications. For far more data and help go to http://www.makinghomeaffordable.gov or contact 888-995-HOPE. John Bacon of Keller Williams Realty Portland Premiere has also set up a site for these unable to modify their loan and searching to options to foreclosure. http://www.HomeHelpinOregon.com and can also be reached at 503-625-2588

A hyperlink to the passed Residence Bill which became effective June 23, 2011 can be discovered right here: http://www.leg.state.or.us/11reg/measpdf/hb2900.dir/hb2916.en.pdf

76th Oregon Legislative Assembly–2011 Standard Session Enrolled Property Bill 2916
Sponsored by Representative Wingard (at the request of John Bacon) (Presession filed.)
Chapter …………………………………………. An Act
Relating to residual debts following quick sales of residential property and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
Section 1. (1) As utilised in this section:
(a) Borrower signifies an individual who, straight or indirectly and individually or with each other
with one more particular person, is obligated on a actual estate loan agreement, such as but not
restricted to a mortgagor or a grantor, as defined in ORS 86.705.
(b) Lender indicates a individual that tends to make, extends or holds a real estate loan agreement,
like but not restricted to a mortgagee or a beneficiary, as defined in ORS 86.705.
(c) Real estate loan agreement indicates an arrangement among a lender and a borrower,
such as but not limited to a mortgage or a trust deed, by means of which the lender
agrees to extend a loan and the borrower agrees to safe the loan in complete or in portion with
residential property, or an interest in residential property, that is located in this state.
(d) Residential home indicates actual home upon which is situated four or fewer improvements
developed for residential use, one of which a borrower occupies as the borrowers
residence.
(e) Residual debt implies an quantity due on a loan, proof of which exists in a true
estate loan agreement, note, bond, contract or comparable written agreement, that a borrower
is unable to pay out of the proceeds from a sale of the residential house that secures the
loan.
(f) Quick sale signifies a sale of residential house that is subject to foreclosure below
ORS 86.705 to 86.795 or ORS chapter 88 for an amount that is much less than the remaining
amount due on the loan that the residential house secures.
(two) If a lender reports to the Internal Income Service that as a consequence of or in
conjunction with a quick sale of residential home the lender has canceled all or a portion
of a borrowers debt below a actual estate loan agreement and the lender offers to the borrower
written proof of the lenders report to the Internal Income Service, the lender or
an assignee of the lender might not bring an action or otherwise seek payment for the residual
debt following the brief sale.
Section 2. This 2011 Act being essential for the instant preservation of the public
peace, overall health and security, an emergency is declared to exist, and this 2011 Act takes effect
on its passage.

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