Oregon Complaint for Foreclosure of Security Interest
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How to fill out Oregon Complaint For Foreclosure Of Security Interest?
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FAQ
There are two types of foreclosure processes in Oregon: Judicial foreclosure: The process of taking the house by filing a lawsuit against the homeowner. If you receive a Notice of Hearing or any notice to appear in court regarding the sale of your house, contact an attorney as soon as possible.
Judicial foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose). It is used when there is no power-of-sale clause in the mortgage or deed of trust. Generally, after the court orders the sale of your home, it will be auctioned off to the highest bidder.
After foreclosure, you might still owe your bank some money (the deficiency), but the security (your house) is gone. So, the deficiency is now an unsecured debt.
In Oregon, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
Banks and other lenders typically use a trust deed. A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the property is located. This type of foreclosure is referred to as a judicial foreclosure and is now common for residential loans in Oregon.
Call your local real estate agent. If you do not have a real estate agent, then contact your local real estate company of choice and speak with the agent on call. Tell the agent you are interested in buying bank-owned properties. Often banks list foreclosed properties with agents to help them sell.
Oregon borrowers can expect that the foreclosure process will take approximately six months to complete if everything goes smoothly during the foreclosure. Court delays, borrower objects or a borrower's filing for bankruptcy can delay the process.