Oregon Chapter 13 Bankruptcy for Homeowners New and Improved

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Oregon Chapter 13 Bankruptcy for Homeowners New and Improved

The Oregon Bankruptcy Court’s recent ruling in In Re Watt requires a mortgage holder to accept title to a home surrendered in chapter 13 bankruptcy. Prior to In Re Watt, a borrower could surrender a home in Chapter 13 bankruptcy but wait for months, if not years, on end while the mortgage lender took its time foreclosing on the property. This was a particularly cruel fate for Oregon debtors with ongoing HOA obligations, but really a hardship for just about any Oregon homeowner/Chapter 13 debtor hoping to walk away from a property and really start over.

Oregon consumers who are currently in confirmed Chapter 13 bankruptcy cases should contact their attorneys to determine whether they now have the ability to force their lenders to take back the house.

2014-10-25T21:15:46+00:00
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