You got an Oregon Notice of Resolution Conference: what it means

What this notice is in Oregon

What it does and does not mean

• It is not a notice of default and not a sale notice. The lender cannot record a notice of default and election to sell on a home loan without a valid certificate of compliance from this program, an exemption affidavit, or the Veterans Affairs exemption (ORS 86.752(4)).
• It is your chance to sit down with the lender and a neutral facilitator before any foreclosure starts.
• The lender must attend with complete authority to agree to a deal, or have someone with that authority on the line (ORS 86.732(1)).
• It does not mean the lender must change your loan. Oregon Housing and Community Services says the lender is not required to modify the loan if you are not eligible.
• Small lenders that started 30 or fewer Oregon residential foreclosures last year can file an exemption and skip the program (ORS 86.726(1)(b)).

The deadlines it starts and how to count them

• Fee and documents: within 25 days after the date the program sends the notice (ORS 86.729(2)). Count calendar days from the sending date on the notice, not from the day you opened it. Your fee cannot be more than $200.
• What you send: information about your income, expenses and debts, a description of any hardship, and documents that verify your income.
• Low income: Oregon Housing and Community Services says all but $50 of the fee may be waived, but the reduced fee must still be paid by the deadline on the notice.
• Missed fee: the program must cancel the conference (ORS 86.729(5)(b)) and issue the lender a certificate of compliance within 5 days (ORS 86.736(2)).
• Lender's turn: within 25 days after your information is made available to it, the lender must pay its fee and send the trust deed, a certified copy of the note, your payment history, an itemized statement of what you owe and what it takes to cure, its net present value inputs and results, and its latest appraisal or price opinion (ORS 86.729(4)).
• Rescheduling: the date can move if you both agree, or if one side asks in writing for a new date no more than 30 days after the original date and shows good cause (ORS 86.729(5)(a)).

What to do this week

• Write the 25-day fee deadline on your calendar today.
• Call a housing counselor. You must consult one before the conference unless you tell the program you could not get an appointment in time (ORS 86.729(3)). Oregon Housing and Community Services lists its homeownership centers on its Foreclosure Avoidance Program page, and the counseling is free.
• Pay the fee the way the notice says. If money is tight, call Mediation Case Manager at 855-658-6733 before the deadline and ask about the low-income waiver.
• Gather pay stubs, benefit letters, bank statements, a list of monthly bills and a short hardship letter, and upload them as the notice directs.
• Plan to attend in person or by phone or video. You can bring a lawyer, a housing counselor, or both (ORS 86.732(1)(b)(B)).
• If you reach a deal, it must be put in a written document that you and the lender sign (ORS 86.732(2)).

Help and scam warnings

• Pay the program fee only to the program, as the notice directs. Never pay a private company to "get you into" the conference.
• In Oregon a foreclosure consultant cannot collect any fee until it has done every service it promised, and you can cancel its contract at any time in writing (ORS 646A.710, 646A.715).
• If the lender later decides you do not qualify for any option, it must mail you a plain-language reason within 10 days (ORS 86.748). Keep that letter.
• More help is on the Oregon foreclosure help page.