There are several bills being passed in order to try to help homeowners and renters stay away from foreclosure. The Oregon Senate has developed several bills to be passed in order to keep homeowners in their homes and renters from being thrown out of their homes. The Senate Consumer Protection Committee will debate a bill. This particular bill will be targeting homeowners that are struggling and need to get their loans modified by their lenders.

Senate Bill 628 will force lenders to meet with their borrower along with a mediator present in order to discuss their options. The interest rate could be lowered or the term of the loan could be prolonged and the balance of the loan could also be altered in order to manipulate to a number that the borrower could afford.

Senate Bill 952 would allow more time for renters to find another place to live if their landlord is facing foreclosure. They will be entitled to 30 to 60 days of notice. This particular bill will be voted on by the senate within the next week.

Oregon’s foreclosure rate has remained rather low until recently. Their unemployment rate is second in the nation making it almost impossible to avoid high numbers of foreclosure. According to the consumer confidence index people in the United States are feeling better about the future. They believe that the housing crisis will come to an end soon which surpasses the expectations of economists.