foreclosures up 236 percent in state oregon 060811

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Foreclosures up 236 percent in state

Herald and News 6/8/11

PORTLAND (AP) — Oregon is bucking a declining national trend in new foreclosure filings with a big increase in April, all of it from one loan servicer.

The surge in “notices of default” by Bank of America Corp.’s foreclosure arm, ReconTrust Co., boosted the number of notices in Oregon by 236 percent, to 3,700 from 1,100, according to figures from Foreclosure- Radar.com .

Another foreclosure data tracker, Realty Trac Inc., showed 3,200 notices in Oregon. Nationally, Realty Trac said the number declined by 14 percent in April.

The increase in April filings follows a jump in canceled foreclosures filed by ReconTrust in late February and March. Those came after rulings by federal judges halting out-of-court foreclosures in Oregon, saying lenders failed to follow state recording law.

The judges said documents showing the successive chain of mortgage ownership had not been publicly filed in county recorders’ offices.

Bank of America spokesperson Jumana Bauwens said the withdrawals and new filings resulted from a review late last year of its foreclosure process, when it halted sales in all 50 states.

“We wanted to provide our customers with every opportunity for home retention as well as ensure all foreclosure filing were completed with our improved process,” Bauwens said in an email to The Oregonian newspaper last week.