Eugene Foreclosure Lawyers

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Foreclosure Law in Oregon

In Eugene, Oregon is a process permitting a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

A foreclosure normally involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks normally want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

In Oregon, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this type of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Eugene, Oregon

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be straightforward with your lender, and stay in touch with them as much as possible.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Basically, nobody likes foreclosures, and everyone wants to avoid them.

If you experience a sudden change in your financial situation, your lender, in an effort to prevent you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

In Oregon, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One advantage of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is absolved, and the borrower is free and clear.

Can a Eugene, Oregon real estate attorney help?

If you live in Eugene, Oregon and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an accomplished real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Eugene

Eugene, Oregon is the second-largest city in the state of Oregon. It is also the seat of Lane County, in the south end of the Willamette Valley. Its population is about 157,000 people.

Eugene, Oregon is named after its founder, Eugene Franklin Skinner, who started the first recorded permanent settlement in the area. The first major educational institution in the area was Columbia College, which was founded a few years before the University of Oregon (still Oregon's flagship public university).

Modernly, Eugene is known as a progressive, and somewhat quirky, community with a streak of political radicalism thrown in for good measure. A small but highly-visible community of anarchists established itself in Eugene in the 1990s, and is still present there today. While they are not generally criminally-inclined, some of their protests have led to arrests. Many activist attorneys in Eugene, Oregon have taken it upon themselves to represent clients with radical political views, sometimes on a pro bono or reduced fee basis.

Of course, most Eugene, Oregon lawyers have more "standard" careers, and represent average citizens and small businesses, helping them with the legal issues that they're most likely to face. If you live in or around Eugene, Oregon, and have a legal issue that needs immediate attention, you should not hesitate to contact an Eugene, Oregon attorney as soon as possible.

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