Springfield Foreclosure Lawyers

Find the right Foreclosure attorney in Springfield, OR

Foreclosure Law in Oregon

In Springfield, 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.

Like every other state in the U.S., Oregon authorizes homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a process 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 recognized as "non-recourse" loans, making the above problem a non-issue. This basically 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 Springfield, 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.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're primarily money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

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.

As a last resort, you might consider a "short sale," which results in loss of the home, but it normally leads to a great deal of the debt on the mortgage being forgiven. Basically, a short sale in Oregon involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Springfield, Oregon real estate attorney help?

In Springfield, Oregon, dealing with a possible foreclosure is never easy. However, the assistance of a brilliant real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Springfield

Springfield is located in Lane County, Oregon. It is near Eugene and Interstate 5, with a population of around 59,400 people.

The largest employer is PeaceHealth. Other top employers include Sacred Heart Medical Center at RiverBend, and McKenzie-Willamette Medical Center. As evident, the healthcare industry drives Springfield's economy. However, this does not mean that the legal force is not present in the city. There are many solo-practitioners and law firms in the city that provide services in all areas of law. Moreover, the attorneys are extremely competent and able to handle any and every legal need.

The most famous resident was Ken Kesey. He is an author who moved to the city at a young age. He graduated from University of Oregon, and bought the nearby Pleasant Hill farm. This famous resident passed away in 2001.

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