|
|
Immediate Foreclosure Solutions |
|
HOME |
|
Oregon Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes Foreclosure in Oregon may be either by court
action or by advertisement and sale, if there is a default. Non-judicial Foreclosure Preliminary Notices Recording The trustee must record a notice of default. Contents of Notice of Sale The notice of sale should include a property
description, recording information on the trust deed, a description of the
default, the sum owing on the loan, the lender's election to sell and the
date, time and place of sale. Mailing After recording the Notice of Default and at least
120 days before the foreclosure sale, notice of the sale must be either
served or mailed by both first class and certified mail to the borrower, the
Department of Revenue, any owner of record and any person requesting notice. Service A copy of the notice of sale must be served on the
occupant of the property 120 days before the foreclosure sale day. Advertising A copy of the notice must be published once a week
for four successive weeks. The last publication must be made at least 20 days
prior to the foreclosure sale day. The trustee must prepare and record an
affidavit slating that the proper notices and advertising have been given. Cure The borrower, or any junior lien holder or
claimant may cure the default prior to foreclosure by paying all past due
sums plus costs, which would be the missed payments and costs. On a
residential trust deed foreclosure, the borrower may be charged the lesser of
the actual charges or a total of $550 for trustee's and attorney's fees.
Reasonable charges may be made for other foreclosures. Sale Procedures Date The date shall be the date given in the notice. Time and Place The sale must be conducted between 9 a.m. and 4
p.m. at a place designated in the notice. Manner The sale must be at auction to the highest bidder
for cash. Any person, including the lender but excluding the trustee, may bid
at the foreclosure sale. The purchaser must pay the bid price at the time of
the sale. The trustee must give the buyer a deed within ten days. The buyer
is also entitled to possession within ten days. The sale may be postponed, up
to 180 days, provided 20 days' advance notice is given by mail to the same
persons as the original notice. A new time and place must be specified. Special Procedures If the foreclosure is stayed by bankruptcy, the
trustee may give an amended notice of sale and sell the property with only 20
days' notice as soon as the bankruptcy stay is lifted. Deficiency A deficiency judgment cannot be obtained through a
non-judicial deed of trust foreclosure by advertisement. On commercial
property secured by a trust deed, a deficiency judgment can be obtained by
filing suit, but not on property covered by a purchase money mortgage. A
purchase money mortgage is any mortgage where the unpaid balance is $50,000
on a primary or secondary single family residence. There are no other
particular limits on deficiency judgments. Redemption A person who was entitled to receive notice of the
foreclosure but did not receive it may sue to invalidate the foreclosure and
redeem the property for a period of five years following the sale. On a
judicial foreclosure, the borrower or a successor in interest may redeem property
within 180 days after sale by paying the purchase price plus 9 percent plus
the foreclosure purchaser's expenses in operating and maintaining the
property. A notice of no less than 2 nor more than 30 days must be given to
the sheriff to redeem. There are restrictions on redemption rights if the
borrower has transferred the property |
HOME HELP CONTACT US FAQs
©Immediate Foreclosure Solutions®