Portland Oregon Foreclosure Help, Defense, Laws and Process

 


In this day and age, the biggest asset that a person could ever own is his or her own house. The assurance that comes with one owning their own house is tremendous. However, this might prove to be such a costly affair for those who do not have readily available funds for purchase. Nevertheless, mortgage help is always readily available for those who might be financially unable to purchase from their savings or regular income. This joy might be short lived when it comes to loan repayment. For those who are unable to repay their loans according to the stipulated terms, the bank might take back the purchased property as a way of repaying the borrowed money. This is known as foreclosure.

Foreclosure has become common in the U.S and many are finding it hard to work their way out of it. This could come as a result of sudden loss of a job, conditions of the loan, bankruptcy and sometimes death. In the case where stipulations of the loan are hard to adhere to, you can request your bank for a loan modification. In this article, we will go through the process of foreclosure in the city of Portland, Oregon and its avoidance should you get caught up in this kind of situation.

Stop Foreclosure in Portland, Oregon

More and more each day, many borrowers are finding themselves facing foreclosure. However, this doesn’t have to happen if help is sought in good time. Seek government assistance early enough to avoid losses. Joint efforts are being made at national level to help out those in risk of facing foreclosure.
Government help is promptly available for those who might not know where to turn to in case of any eventualities. Repair credit so that you may qualify next time for any other loan that you might need.

Portland, Oregon Foreclosure Process

Foreclosure in Oregon is judicial and non- judicial. Judicial foreclosure entails filing a lawsuit to get a court order to foreclose. The debtor is sued by the lender for defaulting the agreed terms. At this point, the property might be sold through public sale to the highest bidder.

However, the law states that the defaulter has the right to reclaim the property 180 days after the property has been sold. For redemption to occur, the defaulter pays the buying price with interest as well as the maintenance cost the buyer used before the defaulter could redeem the property. In this case, the cost of the property is absent in the mortgage or deed of trust.

Non-judicial foreclosure occurs when the cost of property clause is present in the deed of trust. This gives the lender the right to sell property. Here are the steps to follow in a non judicial process:

  • A notice of default (N.O.D) is recorded in the region the property is located. The defaulter is then served with a copy at least 120 days before the actual sale.
  • Before the sale, the property still belongs to the defaulter. He may choose to dispose it before the actual sale to a purchaser who will help him pay off the loan.
  • The property must be sold through an auction whereby the highest bidder wins. Payment must be done immediately through cash or its equivalent to the trustee.
  • The auction might be postponed for a maximum of 180 days. Written notice should be issued to everyone who received the first notice, 20 days before the scheduled sale.

Whatever the procedure that you decide to follow, it is important to consult an attorney. If this is too costly for you, seek legal advice from a well established advice agency.