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About Illinois Valley news. (Cave City, Oregon) 1937-current | View Entire Issue (June 16, 2010)
Page 11 Illinois Valley News, Cave Junction, Ore. Wednesday, June 16, 2010 Oregon to receive TARP funds to forestall home foreclosures Oregon Housing & Com- munity Services (OHCS) has submitted a proposal for re- view to U.S. Treasury that outlines its plan for disburs- ing $88 million in foreclosure assistance funds. One of five states to re- ceive second-round Hardest Hit funds through the Trou- bled Asset Relief Program (TARP), Oregon received notice in late March that it will receive $88 million in foreclosure assistance funds because of its high rate of unemployment. After holding a series of forums throughout the state to listen to the concerns of home owners, OHCS de- signed the Oregon Home- owner Stabilization Initia- tive. It comprises five pro- grams designed to help peo- ple who are recently unem- ployed, underemployed or have lost a significant amount of income. (See full proposal at oregonhome- ownerhelp.org) “We want to keep homes affordable and prevent fore- closure for as many Orego- nians for whom that is possi- ble,” said Victor Merced, OHCS director. “It’s our goal to respond to areas most af- fected by the worst crisis.” U.S. Treasury has prom- ised a quick review of the initiative and it’s anticipated that funds will be delivered to Oregon in October. OHCS will begin implementing the initiative by year-end. Although Treasury iden- tified 16 counties as “Hardest Hit,” state data reveal that 20 can be defined as “hardest hit” or “housing distressed.” They are Josephine, Jackson, Curry, Douglas, Clackamas, Columbia, Coos, Crook, Deschutes, Grant, Harney, Jefferson, Klamath, Lake, Lane, Linn, Marion, Multnomah, Wallowa and Yamhill. OHCS will target 80 percent of the funds to these 20 counties, which are home to 73 percent of Oregon’s population. The remaining 20 percent of funds will be dis- seminated throughout the remaining 16 counties. Summary of Programs The five programs out- lined will work either as stand-alone options or in con- cert. Many recipients will use more than one. The first program, Loan Modification Assistance, aims to help home owners on the verge of successfully modifying their existing mortgages, but who require a small amount of additional financial resources. The sec- ond program, Mortgage Pay- ment Assistance, will help “economically distressed” home owners pay their mort- gages for up to one year. If these recipients regain employment or otherwise restore their financial footing, they can exit into a third pro- gram: Loan Preservation As- sistance. It will provide finan- cial resources home owners might need to modify a loan, pay “arrearages,” or clear other significant financial penalties. Should home owners not regain employment during the period of Mortgage Pay- ment Assistance they will have the opportunity to re- ceive Transitional Assistance. In such cases, the program will provide resources to help home owners move to afford- able, likely rental, homes. Additionally, OHCS proposes to pilot a Loan Refi- nancing Program to address the needs of low- to moder- ate-income home owners in counties experiencing dra- matic declines in housing values. The department looks to partner with organizations that will purchase underwater home loans at discounted rates and then restructure and/ or refinance the loan as an affordable mortgage. Home owners who need immediate help with foreclo- sure mitigation assistance are encouraged to phone 1-800- SAFENET. For more data and to read the full proposal, see oregonhomeowner- help.org. RCC to close during state furlough days Rogue Community College will be closed two Fridays, June 18 and 25, for the final two furlough days in fiscal year 2009- 2010. All college offices will be closed. Classes will not be af- fected, however, as spring term ended June 11 with commence- ment June 12. The closures are part of the college’s efforts to reduce ex- penditures in the current fiscal year. The RCC faculty and classi- fied associations agreed last spring to forfeit pay for a total of six furlough days. Managers also were included in the reductions. The agreements allowed the college to avoid having to re- duce positions or services. Record increases in enrollment and resultant income from tuition allowed the college to reduce the number of furlough days to four. During the summer, the college will be closed Fridays, July 2 through Sept. 3. The Friday closures continue cost-cutting measure instituted several years ago. Illinois Valley High School seniors (not in order) Eric Baldridge, Brian Nguyen, Hailee Parker, Alex Hess, Christina Ricci, James Buck and Jordan Coruse are headed to week-long Boys State and Girls State programs in Eugene and Salem respectively. The pro- gram, sponsored by the American Legion, is designed to increase students’ knowledge and awareness concerning governmental processes and procedures. Students will at- tend mock trials and legislative sessions. Some of the legislation arrived at during the week could find its way before lawmakers in the next legislative session. The cost to at- tend is $300 per student. IVHS, Illinois Val- ley Lions Club, American Legion and Home Valley Bank provided sponsorships for the students. (Photo by Michelle Binker, IVN ) Oregon schools to benefit from Growth Account program Oregon will benefit from the state’s investments in emerging companies. State Treasurer Ted Wheeler on Thursday, June 10, announced returns of $5 million from the Oregon Growth Account (OGA), which invests part of Oregon Lottery proceeds to help de- velop start-up companies. The earnings will be de- posited in the Education Sta- bility Fund and available to help the state cope with the current budget shortfall, Wheeler said during the quar- terly meeting of the Oregon Growth Account Board. “Oregonians have in- vested Lottery dollars in Ore- gon-based companies in order to help build a better future and to help create jobs, and now the returns from one of those successful investments will help schools and other vital programs,” Wheeler said. “Everybody knows there is a clear need.” OGA was established by the Legislature in 1995 to help spur economic develop- ment by providing seed capi- tal to growth businesses. One purpose of the Oregon Lot- tery is to facilitate economic development. The fund has committed $97.4 million to invest in Oregon companies since it was created. Wheeler noted that, as is the nature of investments, some, but not all, of the start- ups that have received money from the Oregon Growth Ac- count have proved successful. The $5 million became avail- able because of a recent dis- tribution from a successful investment through Portland- based Endeavor Capital. The state treasurer has the statutory authority under ORS 348.707(4)(d) to declare returns from OGA. The returns mark the second such declaration in two years. Former Treasurer Ben Westlund declared $18 million in returns in March 2009. The dollars, which rep- resent returns from prior in- vestments, could have other- wise been used to finance new investments. Investments through OGA have paid off in new jobs: The aggregate payroll produced by assisted compa- nies equals $30.6 million a year, according to statistics presented Thursday. Also notably, the capital provided to start-ups helped to attract additional invest- ment dollars from other in- vestors into the companies, and many of those investors are out-of-state. Most of the money that’s directed by OGA is legally committed for investments, and not available as cash. LEGAL NOTICE TRUSTEE’S NOTICE OF SALE T.S. No.: OR-10- 363078-NH Reference is made to that certain deed made by Tyler Cameron York, A Single Man as Grantor to First American Title Company, as Trustee, in favor of Mortgage Electronic Registra- tion Systems, Inc., as nominee for Lending 1st Mortgage A California Corporation, as Beneficiary, dated 9/22/2006, recorded 09/29/2006, in official records of Josephine County, Oregon, in book/ reel/volume No. xxx, at page No. xxx fee/file/ instrument/microfile/reception No. 2006-019705 covering the following described real property situ- ated in said County and State, to wit: APN: R335850 360623BC00310000 Parcel 2 of parti- tion plat no. 1996-060, located in the Southwest Quarter of the Northwest Quarter of Section 23, Township 36 South, Range 6 West, of the Wil- lamette Meridian, Josephine County, Oregon. Commonly known as: 2956 Naples Drive Grants Pass, OR 97527 Both the beneficiary and the trus- tee have elected to sell the said real property to satisfy the obligations secured by said trust deed and notice has been recorded pursuant to Section 86.735 (3) of Oregon Revised Statutes; the default for which the foreclosure is made is the grantor’s: The installments of principal and interest which became due on 9/1/2009, and all subsequent in- stallments of principal and interest through the date of this Notice, plus amounts that are due for late charges, delinquent property taxes, insurance premiums, advances made on senior liens, taxes and/or insurance, trustee’s fees, and any attorney fees and court costs arising from or associated with the beneficiaries efforts to protect and pre- serve its security, all of which must be paid as a condition of reinstatement, including all sums that shall accrue through reinstatement or pay-off. Nothing in this notice shall be construed as a waiver of any fees owing to the Beneficiary under the Deed of Trust pursuant to the terms of the loan documents. Monthly Payment $679.20 Monthly Late Charge $33.96 By this reason of said default the beneficiary has declared all obli- gations secured by said trust deed immediately due and payable, said sums being the following, to wit: The sum of $179,335.08 together with inter- est thereon at the rate of 7.8750 per annum from 8/1/2009 until paid; plus all accrued late charges thereon; and all trustee’s fees, foreclosure costs and any sums advanced by the beneficiary pursu- ant to the terms of said deed of trust. Whereof, notice hereby is given that, LSI Title Company of Oregon, LLC, the undersigned trustee will, on 10/14/2010, at the hour of 01:00 PM, Standard of Time, as established by section 187.110, Oregon Revised Statutes, at At the front door to the Jose- phine County Courthouse, 500 NW 6th Street Grants Pass, OR County of Josephine, State of Oregon, sell at public auction to the highest bidder for cash the interest in the said described real property which the grantor had or had power to convey at the time of execution by him of the said trust deed, together with any interest which the grantor or his successors in interest acquired after the execution of said trust deed, to satisfy the foregoing obligations thereby secured and the costs and expenses of sale, including a reason- able charge by the trustee. Notice is further given that any person named in section 86.753 of Ore- gon Revised Statutes has the right to have the foreclosure proceeding dismissed and the trust deed reinstated by payment to the beneficiary of the entire amount then due (other than such por- tion of said principal as would not then be due had no default occurred), together with the costs, trus- tee’s and attorney’s fees and curing any other default complained of in the Notice of Default by tendering the performance required under the obligation or trust deed, at any time prior to five days before the date last set for sale. For Sale Information Call: 714-573-1965 or Login to www.priorityposting.com. In construing this notice, the masculine gender includes the feminine and the neuter, the singular includes plural, the word “grantor” includes any successor in interest to the grantor as well as any other persons owing an obligation, the performance of which is secured by said trust deed, the words “trustee” and “beneficiary” include their respective successors in interest, if any. Pursuant to Oregon Law, this sale will not be deemed final until the Trustee’s deed has been issued by LSI Title Company of Oregon, LLC. If there are any irregularities discovered within 10 days of the date of this sale, that the trustee will rescind the sale, return the buyer’s money and take further action as necessary. If the Trustee is unable to convey title for any reason, the successful bidder’s sole and exclusive remedy shall be the return of monies paid to the Trustee, and the successful bidder shall have no further recourse. If the sale is set aside for any reason, the Purchaser at the sale shall be entitled only to a return of the deposit paid. The Purchaser shall have no further recourse against the Mortgagor, the Mortgagee, or the Mortgagee’s Attorney. NO- TICE TO RESIDENTIAL TENANTS The property in which you are living is in foreclosure. A foreclo- sure sale is scheduled for 10/14/2010. Unless the lender who is foreclosing on this property is paid, the foreclosure will go through and someone new will own this property. The following information applies to you only if you occupy and rent this property as a residential dwelling under a legiti- mate rental agreement. The information does not apply to you if you own this property or if you are not a residential tenant. If the foreclosure goes through, the business or individual who buys this property at the foreclosure sale has the right to require you to move out. The buyer must first give you an eviction notice in writing that specifies the date by which you must move out. The buyer may not give you this notice until after the foreclosure sale happens. If you do not leave before the move-out date, the buyer can have the sheriff remove you from the property after a court hear- ing. You will receive notice of the court hearing. FEDERAL LAW REQUIRES YOU TO BE NOTI- FIED IF YOU ARE OCCUPYING AND RENTING THIS PROPERTY AS A RESIDENTIAL DWELL- ING UNDER A LEGITIMATE RENTAL AGREE- MENT, FEDERAL LAW REQUIRES THE BUYER TO GIVE YOU A NOTICE IN WRITING A CER- TAIN NUMBER OF DAYS BEFORE THE BUYER CAN REQUIRE YOU TO MOVE OUT. THE FED- ERAL LAW THAT REQUIRES THE BUYER TO GIVE YOU THIS NOTICE IS EFFECTIVE UNTIL DECEMBER 31, 2012. Under federal law, the buyer must give you at least 90 days' notice in writing before requiring you to move out. If you are renting this property under a fixed-term lease (for example, a six-month or one-year lease), you may stay until the end of your lease term. If the buyer wants to move in and use this property as the buyer's primary residence, the buyer can give you written notice and require you to move out after 90 days, even if you have a fixed-term lease with more than 90 days left. STATE LAW NOTIFICA- TION REQUIREMENTS IF THE FEDERAL LAW DOES NOT APPLY, STATE LAW STILL RE- QUIRES THE BUYER TO GIVE YOU NOTICE IN WRITING BEFORE REQUIRING YOU TO MOVE OUT IF YOU ARE OCCUPYING AND RENTING THE PROPERTY AS A TENANT IN GOOD FAITH. EVEN IF THE FEDERAL LAW REQUIRE- MENT IS NO LONGER EFFECTIVE AFTER DE- CEMBER 31, 2012, THE REQUIREMENT UN- DER STATE LAW STILL APPLIES TO YOUR SITUATION. Under state law, if you have a fixed- term lease (for example, a six-month or one-year lease), the buyer must give you at least 60 days' notice in writing before requiring you to move out. If the buyer wants to move in and use this prop- erty as the buyer's primary residence, the buyer can give you written notice and require you to move out after 30 days, even if you have a fixed term lease with more than 30 days left. If you are renting under a month-to-month or week-to-week rental agreement, the buyer must give you at least 30 days' notice in writing before requiring you to move out. IMPORTANT: For the buyer to be re- quired to give you a notice under state law, you must prove to the business or individual who is handling the foreclosure sale that you are occupy- ing and renting this property as a residential dwell- ing under a legitimate rental agreement. The name and address of the business or individual who is handling the foreclosure sale is shown on this notice under the heading "TRUSTEE". You must mail or deliver your proof not later than 9/14/2010 (30 days before the date first set for the foreclosure sale). Your proof must be in writing and should be a copy of your rental agreement or lease. If you do not have a written rental agree- ment or lease, you can provide other proof, such as receipts for rent paid. ABOUT YOUR SECU- RITY DEPOSIT Under state law, you may apply your security deposit and any rent you paid in advance against the current rent you owe your landlord. To do this, you must notify your landlord in writing that you want to subtract the amount of your security deposit or prepaid rent from your rent payment. You may do this only for the rent you owe your current landlord. If you do this, you must do so before the foreclosure sale. The busi- ness or individual who buys this property at the foreclosure sale is not responsible to you for any deposit or prepaid rent you paid to your landlord. ABOUT YOUR TENANCY AFTER THE FORE- CLOSURE SALE The business or individual who buys this property at the foreclosure sale may be willing to allow you to stay as a tenant instead of requiring you to move out. You should contact the buyer to discuss that possibility if you would like to stay. Under state law, if the buyer accepts rent from you, signs a new residential rental agree- ment with you or does not notify you in writing within 30 days after the date of the foreclosure sale that you must move out, the buyer becomes your new landlord and must maintain the property. Otherwise, the buyer is not your landlord and is not responsible for maintaining the property on your behalf and you must move out by the date the buyer specifies in a notice to you. YOU SHOULD CONTINUE TO PAY RENT TO YOUR LANDLORD UNTIL THE PROPERTY IS SOLD TO ANOTHER BUSINESS OR INDIVIDUAL OR UNTIL A COURT OR A LENDER TELLS YOU OTHERWISE. IF YOU DO NOT PAY RENT, YOU CAN BE EVICTED. AS EXPLAINED ABOVE, YOU MAY BE ABLE TO APPLY A DEPOSIT OR RENT YOU PREPAID AGAINST YOUR CUR- RENT RENT OBLIGATION. BE SURE TO KEEP PROOF OF ANY PAYMENTS YOU MAKE AND OF ANY NOTICE YOU GIVE OR RECEIVE CON- CERNING THE APPLICATION OF YOUR DE- POSIT OR PREPAID RENT. IT IS UNLAWFUL FOR ANY PERSON TO TRY TO FORCE YOU TO LEAVE YOUR HOME WITHOUT FIRST GO- ING TO COURT TO EVICT YOU. FOR MORE INFORMATION ABOUT YOUR RIGHTS, YOU MAY WISH TO CONSULT A LAWYER. If you believe you need legal assistance, contact the Oregon State Bar and ask for the lawyer referral service. Contact information for the Oregon State Bar is included with this notice. If you do not have enough money to pay a lawyer or are otherwise eligible, you may be able to receive legal assis- tance for free. Information about whom to contact for free legal assistance is included with this no- tice. Oregon State Bar (503) 684-3763; (800) 452- 7636 Legal assistance: www.lawhelp.org/or/ index.cfm Dated: 6/8/2010 LSI Title Company of Oregon, LLC, as Trustee 3220 El Camino Real Irvine, CA 92602 Signature By: Brooke Frank, Assistant Secretary Quality Loan Service Corp. of Washington, as agent for LSI Title Company of Oregon, LLC 2141 5th Avenue San Diego, CA 92101 619-645-7711 For Non-Sale Information: Quality Loan Service Corp. of Washington 2141 5th Avenue San Diego, CA 92101 619-645-7711 Fax: 619-645-7716 If you have previously been discharged through bankruptcy, you may have been released of personal liability for this loan in which case this letter is intended to exercise the note holder’s rights against the real property only. This Office is attempting to collect a debt and any information obtained will be used for that purpose. As required by law, you are hereby notified that a negative credit report reflecting on your credit re- cord may be submitted to a credit report agency if you fail to fulfill the terms of your credit obligations. P711243 Publish & Affd.: 6/16, 6/23, 6/30, 07/07/2010
