Oregon Foreclosure Law
Oregon foreclosures are handled either in court or out of
court. The foreclosure process takes about five months.
Pre-foreclosure Period
In Oregon, once the lender records a notice of default, if no
power-of-sale is included in the mortgage, foreclosure proceeds
through the court system. Once the court declares a foreclosure,
the property is put up for sale. More commonly a power-of-sale
clause is written into the mortgage, allowing the lender to sell
the property out of court to recover the balance of the loan in
the event of default. The lender records a notice of default
with the county recorder at least four months before the
property is scheduled for sale. The lender also delivers the
notice of default to the borrower at least four months before
the sale date. The borrower can stop the foreclosure up to five
days before the sale by paying all past due monies owed plus
costs.
Notice of Sale / Auction
For out-of-court foreclosures, the notice of sale is
published once a week for four weeks before the sale in a local
newspaper. The last notice is published at least 20 days before
the sale date. The sale is between the hours of 9 a.m. and 4
p.m. at the location stated on the notice. Oregon foreclosure
sales are public auctions. Anyone, with the exception of the
trustee, may present bids. The property goes to the highest
bidder, who must pay in full in cash at the time of the auction.
The trustee transfers ownership of the property to the highest
bidder within 10 days of the sale. At that time, the purchaser
is also entitled to possession of the property. The sale may be
postponed for up to 180 days from the original scheduled date
without restarting the foreclosure process. For foreclosures
conducted out of court, the borrower cannot redeem the property
after the foreclosure sale.
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