Oregon Foreclosure Help – Stop Foreclosure in Oregon

 


Finding Foreclosure Help in Oregon

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Portland Field Office

400 S.W. Sixth Avenue, Suite 700
Portland, OR 97204-1632
Phone: (971) 222-2600

Fax: (971) 222-0357
TTY: (971) 222-2625

Jurisdiction: State of Oregon

Doug Carlson
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.,

Monday through Friday

Oregon Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are the mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 180 days.
  • The borrowers have rights of redemption.
  • The lender is allowed to sue for deficiency judgement.

In the state of Oregon, lender may choose to foreclose mortgages in default with the judicial or non-judicial process.

Judicial Foreclosure
In a judicial foreclosure process, the lender must file a lawsuit to obtain a court order. This is only done if there is no power of sale present in the mortgage. The court will then give the order to sell the property. By then, it will be sold to the highest bidder.

The borrower is allowed to redeem his property. He has to pay the price at which he it is sold with the additional costs of the interest, expenses and maintenance. This should cover 180 days time frame of the sale. The borrower should file a notice to redeem with the county sheriff after 2 days to 30 days of the sale.

Non-Judicial Foreclosure
The power of sale clause must be present for a non-judicial foreclosure to occur. As the borrower gave the authority for the lender to sell the property when in default, the lender will decide on conducting the sale of property. The Power of Sale Foreclosure Guidelines will give a clearer view on the process.

Power of Sale Foreclosure Guidelines
There is no problem for the lender and the borrower if the power of sale clause already indicates the terms of sale. They just have to follow the time, place and the terms of the sale.

In the case where there is nothing specified on the power of clause, following steps must be done:

First, a notice of default must be filed in the county courthouse. This is where the property is located. The notice must include the terms of the sale and the description of the property.

This notice must be mailed to the borrower 120 days before the date of the sale.

The county newspaper must include the notice of the sale for four consecutive weeks at least once per week. The last ad that will appear must be 20 days before the date of sale.

The sale should be in between 9 am to 4 pm of the said date. Everyone is free to bid for the property except the trustee.

The auction can be postponed until 180 days with the condition that there is a new notice sent. This must be sent at least 20 days of the original date of the sale.

It is only for the non-judicial process that the deficiency judgement cannot be filed by the lender.