Portland Foreclosure Lawyers
The Foreclosure Process in Oregon
In Portland, Oregon is a process authorizing 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 typically 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 typically 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.
Like every other state in the U.S., Oregon permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).
In some states, original mortgages are identified as "non-recourse" loans, making the above problem a non-issue. This essentially means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.
How to Possibly Avoid Foreclosure in Portland, Oregon
First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.
You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they likely 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 just 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, permitting 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 benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is excused, and the borrower is free and clear.
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Can a Portland, Oregon real estate attorney help?
If you are facing foreclosure in Portland, Oregon, and want to do everything practicable to save your house, the assistance of a reliable real estate lawyer might prove invaluable.
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Foreclosure Attorneys in the Largest OR Cities
Life in PortlandPortland may be the 3rd most populous city in the Pacific Northwest but it's one of the most popular. Known as one of the greenest cities in the world, Portland has used city planning and public transportation to lessen residents' impact on their surrounding environment. In fact, Portland has been named the second most eco-friendly place behind Reykjavik, Iceland by Grist Magazine, and in top 10 greenest cities by Move, Inc.
P-town residents live among some of the most innovative microbreweries and distilleries. Widmer Brothers, Henry Weinhard, and Michael "Beerhunter" Jackson even dubbed Portland beer capital of the world. Portland Mayor Tom Potter nicknamed the city "Beertown."
Most people probably know Portland as the location of the Nike Headquarters (known as the Nike Campus) but the city also plays host to KEEN, Adidas, Columbia Sportsware, U.S. Bank, Oregon Steel Mills, Willamette Industries, and Louisiana-Pacific. Since the city is known as a "green city" you won't be too surprised to find there are a number of alternative energy companies there like Vestas Wind Systems.
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If you need some help navigating these sometimes confusing courts, consult a local Portland lawyer today.