Oregon Trustee's Notice of Sale
Description Trustee Notice Sale
How to fill out Oregon Trustee's Notice Of Sale?
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FAQ
After the Sale Once the trustee sale is complete, the property deed is recorded in the new owner's name. The winning bidder can take immediate possession of the property. If the previous owner or rental tenants are present, they must vacate the property and remove all personal belongings.
The trustee is a neutral third-party who holds the legal title to a property until the borrower pays off the loan in full. They're called a trustee because they hold the property in trust for the lender.
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.
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.
A Notice of Trustee's Sale informs homeowners and mortgage borrowers of record that their home will be sold at a trustee's sale on a specific date and at a specific location. The actual sale typically completes a non-judicial foreclosure in states allowing this type of foreclosure process.
In a nonjudicial foreclosure, the third party who normally handles the foreclosure process is called a "trustee." In theory, a foreclosure trustee is a neutral party, but the lender or loan servicer usually chooses the trustee, who is often affiliated with the lender or the lender's attorney.
The OTDA provides that a nonjudicial foreclosure may not be initiated unless "the trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated."
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.
In real estate, a trustee sale means the sale of real property through public auction. A trustee sale usually occurs when the homeowner is in default on their mortgage, resulting in a foreclosure.A trustee sale is typically the second-to-last step in the foreclosure process in a nonjudicial foreclosure state.