Oregon City Foreclosure Lawyers

Find the right Foreclosure attorney in Oregon City, OR

Foreclosure Law in Oregon

In Oregon City, Oregon is a process allowing 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 usually 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 usually 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 Oregon City, Oregon

It's very important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

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 discharged, and the borrower is free and clear.

Can a Oregon City, Oregon real estate attorney help?

If you are facing foreclosure in Oregon City, Oregon, and want to do everything practicable to save your house, the assistance of a good real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Oregon City

Oregon City, Oregon is the county seat of Clackamas County. It has a population of about 32,000. It has the distinction of being the first U.S. city west of the Rocky Mountains to be incorporated. It was incorporated in 1844.

Oregon City played a role in the early development of the Western U.S., particularly the Oregon Territory. It was a popular destination for settlers who wanted to make land claims, after traveling the Oregon Trail, and surviving the likely bouts of dysentery, as well as the almost-inevitable loss of oxen during ill-advised attempts to ford rivers.

More recently, Oregon City, Oregon's economy was dominated by the lumber industry. However, in the 1980s, the lumber industry in the Pacific Northwest began to decline. However, the economy of Oregon City was able to transition into high-tech industries, as well as some light manufacturing (manufacturing which is not very labor or energy-intensive, and typically has minimal environmental impact).

If you live in Oregon City, Oregon and need a lawyer, chances are good that you'll be able to find one. Thanks to its diverse economy, there are Oregon City, Oregon lawyers who specialize in just about any area of law.

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