The number of foreclosure in the metro area of Portland is increasing. This is indeed a bad news for the real estate of this region. Nearly 70 percent of the people have been found to have defaulted on their mortgage payments in the month of August. This is a 40 percent increase from the figure last year during the same time period. The rate of mortgage delinquency has increased. It has been found that about 2 percent of home mortgages were 90 days late. The homeowners are finding it really difficult to make payments of their mortgages. Foreclosure has put them into serious trouble.

Happy Valley is one of the most affected areas whereby nearly 87 of the households are in a pre-foreclosure status presently. Apart from that, about 94 homes are possessed by the bank and 319 homes have been put up for a foreclosure auction. Nearly a total of 72 homes have been taken over by the bank in Portland. Also, nearly 423 homes have entered the foreclosure auction activity in this place. The wave of foreclosure is being accompanied by the rising cost of fuel and food. The defaulters of mortgage do not know who to turn up for getting an aid.

According to Ann Chapman, who happens to be a bankruptcy attorney, the increasing rate of foreclosure has also led to an increase in the number of bankruptcy filings. She is the owner of Vanden Bos & Chapman which has already appointed a new lawyer and is in search of another. She has said that things are getting more complicated with every passing day. Every single case of foreclosure in the metro area of Portland needs a serious attention and focus. This is because of the complex bankruptcy code that goes along with the harmful creative investing.

With the change in bankruptcy code in the year 2005, a large number of law school students have started to keep off bankruptcy law. It has become really tough to get some extra help. The clients are being turned down by Vanden Bos & Chapman. It is expected that the number of foreclosure is going to go up further if the current economic slump continues. The problem of foreclosure has to be tackled immediately. Otherwise the homeowners in the real estate of Portland will have a tougher time very soon. A mass awareness is something that is very important at this point of time.

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Roger Pollock, the owner of the Buena Vista Custom Homes, Inc. based in Lake Oswego has reported that the Sterling Savings Bank has issued foreclosure notice on 15 of his properties. Pollock happens to be one of the well-known and largest builders of Poland. He owns the credit of constructing a large number of homes in the region and today is facing the problem of foreclosure on his properties. In an attempt to get rid of the bank debt, he started auctioning 240 homes last year giving a big surprise to the Portland real estate community and became successful in staging two auctions.

In the meantime, Pollock put some of the remaining homes on rent with some of them on lease-to-buy contracts. Today, he has about 70 homes and all of them are up for sale. He has said that he has been the owner of a portfolio of rentals always. As the rentals are unable to yield enough money needed to cope up with the debt payments, he has started looking for lower interest rates like other builders. Besides the lower interest rates, he has also been looking for other concessions from lenders and interest-only payments in order to overcome the foreclosure distress.

According to Pollock, the debt amounts to $5 million in loans that he has taken from the Sterling Savings Bank on his 15 homes. He has expressed his deep surprise about the foreclosure filing on his homes by the Sterling Savings Bank. He has said, “We’re negotiating with all our banks and every house is a case-by-case basis. This is just the direction that Sterling chose to go. It caught us by surprise.” According to Pollock the 15 properties that are in question are owned by Del Playa Investments LLC, which is an independent investment entity.

Pollock has even said that Buena Vista Custom Homes, Inc. is not getting bankrupted but it is true that they are not going to construct any further homes or real estate properties. The Sterling Savings Bank is a Spokane-based savings bank that has played a significant role during the April bankruptcy that took place with the homebuilder Tony Marnella of Clackamas County including three of his firms and also the July bankruptcy of flooring dealer Trinity Carpet and Milwaukie Carpet. It has a history of active lending. Some of the renters of Pollock in the Happy Valley have already got mails on the foreclosure of their properties.

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