In Oregon , the lender can't get a deficiency judgment after a nonjudicial foreclosure. In this article, you'll find details on foreclosure laws in Oregon, with citations to statutes so you can learn more. Statutes change, so checking them is always a good idea. If you're looking for federal laws, you might want to visit the Library of Congress's legal research website , which provides links to federal regulations and federal statutes. To find Oregon's laws, search online for "Oregon statutes" or "Oregon laws.
Usually, the URL will end in ". For more information on federal mortgage servicing laws, as well as foreclosure relief options , go to the Consumer Financial Protection Bureau CFPB website. Although the programs under the Making Home Affordable MHA initiative have expired, the MHA website still contains useful information for homeowners facing foreclosure. How courts and agencies interpret and apply laws can change. And some rules can even vary within a state.
These are just some of the reasons to consider consulting a lawyer if you're facing a foreclosure. If you have questions about Oregon's foreclosure process or want to learn about potential defenses to a foreclosure and possibly fight the foreclosure in court , consider talking to a foreclosure attorney. It's also a good idea to talk to a HUD-approved housing counselor if you want to learn about different loss mitigation options.
The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service.
Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice. Meet the Editors. Oregon Foreclosure Laws and Procedures. In an Oregon foreclosure, you'll most likely get the right to: receive a preforeclosure breach letter apply for loss mitigation participate in a resolution conference foreclosure mediation receive certain foreclosure notices get current on the loan and stop the foreclosure sale receive special protections if you're in the military pay off the loan to prevent a sale file for bankruptcy, and get any excess money after a foreclosure sale.
What Is Preforeclosure? Federal Mortgage Servicing Laws and Foreclosure Protections Under federal mortgage servicing laws , the servicer must contact, or attempt to contact, you by phone to discuss loss mitigation options, like a loan modification, forbearance, or repayment plan , no later than 36 days after you miss a payment and again within 36 days after each following delinquency.
What Is a Breach Letter? When Can Foreclosure Start? What Is the Foreclosure Process in Oregon? How Judicial Foreclosures Work A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. How Nonjudicial Foreclosures Work If the lender chooses a nonjudicial foreclosure , it must complete the out-of-court procedures described in the state statutes. Again, most residential foreclosures in Oregon are nonjudicial.
Here's how the process works. Reinstating the Loan Oregon law provides you with the right to reinstate your loan at any time prior to five days before the sale. Redeeming the Property Before the Sale One way to stop a foreclosure is by "redeeming" the property.
Filing for Bankruptcy If you're facing a foreclosure, filing for bankruptcy might help. Oregon Deficiency Judgment Laws In a foreclosure, the borrower's total mortgage debt sometimes exceeds the foreclosure sale price. Where to Find Your State's Statutes and More Foreclosure Resources In this article, you'll find details on foreclosure laws in Oregon, with citations to statutes so you can learn more.
How to Find Federal Foreclosure Laws If you're looking for federal laws, you might want to visit the Library of Congress's legal research website , which provides links to federal regulations and federal statutes.
Getting Help How courts and agencies interpret and apply laws can change. Talk to a Lawyer Start here to find foreclosure lawyers near you. Practice Area Please select Zip Code. In some cases, a lien can be placed on real property without the owner's consent where money is owed that has not been paid.
For example, a carpenter can file a construction lien for work done on a house, the IRS can file a lien for unpaid taxes, and a creditor can file a lien for an unpaid judgment. There are four common types of liens on real property: a trust deed, a mortgage, a land sale contract and an involuntary lien.
Foreclosure procedures differ depending on the type of lien involved. Trust Deeds A trust deed is a special type of mortgage given by the owner of the real property to a third party, called a trustee, who holds a power of sale for the property for the benefit of a creditor such as a lender until the debt is repaid. Banks and other lenders typically use a trust deed. A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the property is located.
This type of foreclosure is referred to as a judicial foreclosure and is now common for residential loans in Oregon. The party holding the lien asks the court for a judgment against the owner for the unpaid amount of the debt together with attorney fees and foreclosure costs.
If the owner does not pay that full amount to the holder of the lien, then the sheriff of that county will auction off the property to the highest bidder for cash.
If there is not enough cash received by the sheriff to pay the judgment in full, then the holder of the lien can collect what is still owed, called a deficiency, from the owner.
The owner also must move out immediately. If the foreclosure is on the owner's residence or the residence of the owner's spouse or child, then the owner merely loses the property but does not have to pay a deficiency.
However, anyone else who guaranteed payment of the debt will have to pay the deficiency. After the sale, the owner has days to buy the property back from the purchaser for an amount equal to the auction price paid, plus interest and anything the purchaser had to pay for such items as taxes and maintenance. This is known as a right of redemption. In order to redeem the property, the owner must serve the purchaser of the property with a notice of owner's desire to redeem the property.
The notice must state the date and time the owner will make payment to the sheriff and the redemption amount. The notice of redemption must be served on the purchaser no more than 30 days and no less than 14 days before the payment date the owner specifies in the notice of redemption. The holder of a trust deed can foreclose without going to court, too, through a foreclosure by "advertisement and sale" or non-judicial foreclosure.
The trustee mails a notice of default and a "notice of home loss danger" to the owner and any other persons holding an interest in the property of the amount of the debt and the sale date, time and place, and publishes notice of the sale in a newspaper.
The trustee then auctions off the property to satisfy the debt, the attorney fees and foreclosure costs. Following the sale, the owner must move out of the property within 10 days of the sale. This foreclosure process takes approximately days.
Many lenders use trust deeds, rather than mortgages, because a trust deed can be foreclosed non-judicially or without the involvement of a court. A non-judicial foreclosure of a trust deed is much cheaper and easier than a foreclosure lawsuit, and an advantage to the lender in a non-judicial foreclosure is that there is no right of redemption. Once the non-judicial sale is held, the buyer has no right to get it back.
A non-judicial foreclosure is initiated when the lender records a Notice of Default and Election to Sell in the real property records in the county where the real property is located.
The Notice will be served upon the borrower and the occupants of the real property by certified mail and US first class mail. The Notice will state the specifics of the loan default and the total amount owing.
More importantly, the Notice will list the date, time, and location of the foreclosure sale. Once the lender formally starts the foreclosure process by filing a notice of default, you typically will have no more than days to resolve the problem or you will lose your house.
Filing a bankruptcy can stop foreclosure. There are steps you must take to become eligible to file bankruptcy, such as take a consumer credit counseling session from an approved credit counseling agency. Even if there is not much time prior to the foreclosure, there may still be things that can be done to prevent the foreclosure from occurring. You should never hesitate to call an attorney at Vanden Bos and Chapman, LLP to see if it is not too late to stop the foreclosure.
The Trustee is typically an attorney or other professional specializing in foreclosure sales. When you signed your loan documents, you signed the trust deed, in which you granted the lender the "beneficiary" under the trust deed the right to foreclose the real property if you were delinquent on your payments. The Trustee will conduct the foreclosure sale on behalf of, and for the benefit of, the lender.
The foreclosure sale must be a date that is at least days from the date the lender recorded the Notice of Default and Election to Sell. At the date, time, and location of the sale, the Trustee will announce the property being sold. Anyone can appear and bid on the property. There is a catch, however. The winning bidder must pay cash at the time of the sale. The Trustee is usually authorized by the lender to enter a bid equal to the amount owed to the lender.
The lender buys the property for the amount of money the lender is owed on the property. A good reason to file bankruptcy to stop a foreclosure is to protect your equity in your house.
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