Foreclosure Process in Oregon (OR)

Please review the following foreclosure procedure carefully. You may refer to the glossary at any time by clicking here. There are many options available to you no matter your situation. Please click here to view a list of our solutions.

This general information is not to be considered legal advice. We recommend consulting with a lawyer for legal advice specific to your situation.

How long does foreclosure take: 180 Days

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Contents of Notice of Sale
The notice of sale should include a property description, recording information on the trust deed, a description of the default, the sum owing on the loan, the lender's election to sell and the date, time and place of sale.

Mailing
After recording the Notice of Default and at least 120 days before the foreclosure sale, notice of the sale must be either served or mailed by both first class and certified mail to the borrower, the Department of Revenue, any owner of record and any person requesting notice.

Service
A copy of the notice of sale must be served on the occupant of the property 120 days before the foreclosure sale day.

Advertising
A copy of the notice must be published once a week for 4 successive weeks. The last publication must be made at least 20 days prior to the foreclosure sale day. The trustee must prepare and record an affidavit stating that the proper notices and advertising have been given.

Cure
The borrower, or any junior lien holder or claimant may cure the default prior to foreclosure by paying all past due sums plus costs, which would be the missed payments and costs. On a residential trust deed foreclosure, the borrower may be charged the lesser of the actual charges or a total of $550 for trustee's and attorney's fees. Reasonable charges may be made for other foreclosures.

Sale Procedures

Date
The date shall be the date given in the notice.

Time and Place
The sale must be conducted between 9 A.M. and 4 P.M. at a place designated in the notice.

Manner
The sale must be at auction to the highest bidder for cash. Any person, including the lender but excluding the trustee, may bid at the foreclosure sale. The purchaser must pay the bid price at the time of the sale. The trustee must give the buyer a deed within 10 days. The buyer is also entitled to possession within 10 days. The sale may be postponed, up to 180 days, provided 20 days' advance notice is given by mail to the same persons as the original notice. A new time and place must be specified.

Special Procedures
If the foreclosure is stayed by bankruptcy, the trustee may give an amended notice of sale and sell the property with only 20 days' notice as soon as the bankruptcy stay is lifted.

Deficiency
A deficiency judgment cannot be obtained through a non-judicial deed of trust foreclosure by advertisement. On commercial property secured by a trust deed, a deficiency judgment can be obtained by filing suit, but not on property covered by a purchase money mortgage. A purchase money mortgage is any mortgage where the unpaid balance is $50,000 on a primary or secondary single family residence. There are no other particular limits on deficiency judgments.

Redemption
A person who was entitled to receive notice of the foreclosure but did not receive it may sue to invalidate the foreclosure and redeem the property for a period of 5 years following the sale. On a judicial foreclosure, the borrower or a successor in interest may redeem property within 180 days after sale by paying the purchase price plus 9 percent plus the foreclosure purchaser's expenses in operating and maintaining the property. A notice of no less than 2 nor more than 30 days must be given to the sheriff to redeem. There are restrictions on redemption rights if the borrower has transferred the property.

Obtaining Legal Advice

Since foreclosure is a legal process, it would be wise to seek the advice from an attorney in your area who can answer any questions that you have, and who can inform you of your rights in the foreclosure process.