Oregon Gov. Kate Brown announced [today] Monday that she has extended a moratorium on residential mortgage foreclosures until the end of the year.
The extension is meant to give homeowners whose income has been impacted by the pandemic more time to catch up financially. The moratorium was set to expire earlier this year, but Oregon lawmakers approved a bill in May that authorized the governor to extend it.
Brown did that once already. The new extension, though December 31st, will be the last one authorized by the bill, unless lawmakers extend it again during a special session.
It means lenders cannot initiate foreclosure proceedings if the property owner informs them that they’ve experienced a loss of income due to the pandemic. It only applies to people who own fewer than five properties, and only properties with less than five units apiece.
“I am committed to ensuring that Oregonians have a warm, dry, safe place to live during this pandemic,” said Brown in a press release. “Extending the temporary residential foreclosure moratorium another three months will prevent removal of Oregonians from their homes by foreclosure, which would result in serious health, safety, welfare, and financial consequences, and which would undermine key efforts to prevent spread of COVID-19.”