Oregon Complaint regarding Strict Foreclosure of Land Sale Contract

Strict Foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.

In a strict foreclosure, a lender takes title to the liened property directly. a lender receives the proceeds from the forced sale of the liened property. the defaulting owner does not have the opportunity to prevent the foreclosure by paying the amounts owed.

Foreclosure is what happens when a homeowner fails to pay the mortgage.If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.

The foreclosure process derives its legal basis from a mortgage or deed of trust contract, which gives the lender the right to use a property as collateral in case the borrower fails to uphold the terms of the mortgage document.

The right of foreclosure is counter-part of right of redemption. Mortgagor gets a right of redeeming his security after payment of debt amount; similarly mortgagee has a right of foreclosure or sale in default of redemption by the mortgagor.

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.

The first legal action is the first public action required in the jurisdiction where the property is located to commence the foreclosure process. The first legal action may include: For judicial foreclosures, a complaint, petition, order to docket or notice of hearing.

In a strict foreclosure, a lender takes title to the liened property directly. a lender receives the proceeds from the forced sale of the liened property. the defaulting owner does not have the opportunity to prevent the foreclosure by paying the amounts owed.

You get behind in your mortgage payments. The bank sends a letter notifying you of its intent to begin foreclosure. The bank files a lawsuit. The bank gives you notice of the lawsuit. You have a chance to respond.