Mortgage

Delta Variation is suspending Oregon foreclosures moratorium till the tip of the 12 months

Oregon on Monday halted residential foreclosures for the remainder of 2021 after the increasingly contagious Delta variant of the coronavirus drove a surge in infection rates.

The executive order extends the state ban, which previously ended on August 31, until December 31. The extension of the Oregon foreclosure ban will be the final legal approval.

The Oregon State Capitol houses the state legislature and the offices of the Governor, Secretary of State, and Treasurer. It is located in Salem.

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"Extending the temporary moratorium for an additional three months will prevent foreclosure of Oregonians from their homes, which would have serious health, safety, welfare and financial consequences," said Governor Kate Brown in the executive order.

The move adds to signs that the broader restart of foreclosures will not fully get underway until next year due to various differences in jurisdiction rules and other federal measures. This includes forbearance and consumer protection that already apply to some loans and will soon apply to others. These safeguards are temporary and are expected to end on December 31st.

Some of the money raised by the Treasury Department's $ 10 billion Homeowner Assistance Fund could also be used to help prevent foreclosures. However, it remains unclear how quickly states that are still in the middle of submitting their plans for the money can distribute it.

According to a recent report by the Perkins Coie law firm, more than 10 states and the District of Columbia have separate guidelines or recommendations on foreclosure, including their own prohibitions.

Oregon law allowed two extensions of its temporary ban by executive order, in increments of three months. The ban was previously extended from June 30th to September 30th.

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