How long does a foreclosure take in Oregon?

by oliver on September 30, 2010

Question:

How long does a foreclosure take in Oregon?

Answer:

Usually, a foreclosure takes about 90 to 100 days if it is uncontested. However, if there are disputes or objections, it may take more than a hundred days to complete the foreclosure process. If the home owner is not able to make his payments for a consecutive duration of three months, foreclosure take place. The process usually starts with the homeowner receiving a notice of foreclosure.

If the homeowner is not able to work out an agreement with the lender for him to keep his home, a foreclosure sale or public auction is scheduled. During this event, the foreclosure home is sold to the public thru bidding. The one who bids the highest amount gets the foreclosed property or home. Ten days after the auction, the new owners of the home will already be allowed to move in their property.

However, if the previous owners of the home are still staying in the property, a notice of eviction is given. If the price of the winning bid cannot cover all the costs incurred by the bank or lender, the bank may file for a deficiency judgment wherein the previous owners of the house is obligated to pay a certain amount of debt. Some states also give redemption rights which allow the previous home owners to reacquire their homes after the auction. You may contact a real estate lawyer in your state to ask whether or not redemption rights are exercised there.

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