Remember the last legislature's law designed to slow down the foreclosure rate? It required lenders to meet with defaulting borrowers and try to work something out before foreclosing. The text of an unrelated article in the Oregonian said it wasn't working.

Kinda too soon to tell, isn't it?

But while we're on the subject: The Mortgage Rescue Cafe is about foreclosure avoidance advice.  A part of Terradigm Real Estate Consultancy LLC, we talk to defaulting borrowers about their options. The reason is because loss mitigation (foreclosure-related stuff) is Sanskrit to most people.  When they get behind in their mortgage payments, they have questions, and all they hear is gobbledygook when they ask.

No, you do not have to do a short sale. Yes, you can do a short sale if you already have a Notice of Default.

Most foreclosures can be stayed while you work out something.

Yes, you can do a loan mod on your own, and for free. We will help you with the paperwork, if you want, but you don't need us.

We can talk about the new deed-in-lieu of foreclosure program (it would really help if guidelines were finalized, but hey--it's government work).

We're here to talk about foreclosures and short sales and all that stuff. It's just a part of what Terradigm does.