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What is Foreclosure
Foreclosure?
Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property. There are two ways through which the Foreclosure process takes place. Judicial and Non-Judicial. Oregon allows both types of foreclosures. The foreclosure process has to follow (ORS) state laws.
Six Steps of Foreclosure
Know and understand the six steps of foreclosure.
Payment default occurs when a borrower has missed at least one mortgage payment.
(90 days past due). This public notice gives the borrower 30 days to remedy past due payments before formally starting the foreclosure process.
Once forms are filed with the court or necessary approval is met, the lender's attorney or foreclosure trustee will schedule a sale of the property.
The property is now placed for public auction and will be SOLD to the highest bidder with the most money in the pocket.
These properties are often referred to as (bank-owned) The Bank now legally owns the house.
This eviction notice demands that any persons living in the house vacate the premises immediately. As soon as the auction ends and a new owner is named, either the auction winner or the bank will issue an order to vacate if still living in the property.
Mel Lowery
Realtor
Windermere West Salem
Mel Lowery
Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market.
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