Oregon Public Broadcasting

Homeowners struggling with foreclosure told Oregon Senator Jeff Merkley Wednesday that they’re not getting help when trying to modify their loans.  Kristian Foden-Vencil reports.

Merkley held a foreclosure summit in North Portland, where he invited banks, housing agencies and homeowners to air their concerns.

One of the main problems mentioned is that the banks where people bought their loans, have sold those loans to someone else.

Lisa Williams lost her house four months ago. She says finding who owned her loan was hard enough. But trying to find someone who could help her modify the loan was impossible

Lisa Williams: “You know, you call and you call and you call. I’ve stayed on hold for up to an hour. You finally do get to speak to someone. They’re not empowered to make decisions.”

The summit heard that of the people who do modify their loans, only 35 percent get lower payments. Meaning most people with modified loans defaulted again.

Merkley says he’s taking such concerns to his colleagues on the Senate Banking and Housing Committee.