You probably already understand the basic idea behind a foreclosure. But do you understand the difference between mortgages and the trust deeds which are used in Oregon? How about a judicial foreclosure versus a nonjudicial foreclosure? Do you know anything about Oregon foreclosure laws? If you don’t, then you shouldn’t think about investing in Portland foreclosures until you do a bit of basic research. 
Why Basic Information Is Important to You
Right about now, you might be thinking “I just want to find Portland foreclosed homes. Why should I care about the foreclosure process?” Well for starters, you are probably also a borrower yourself, so it might be helpful for you to know how to avoid the misfortune of finding yourself on the wrong side of the process.
But more importantly, a smart investor must become very familiar with the entire foreclosure process. Such insight is vital in order for you to understand where the borrower is coming from, and understanding the lender’s position as well. You need a firm grasp of the basics because a single overlooked detail can mean big trouble. In addition, complications such as second mortgages or bankruptcies can change parts of the process. It’s important because the knowledge helps you to decide at which point you can step into the process to best profit from the opportunity of buying a foreclosure investment.
Portland Foreclosures
Foreclosures in Portland are similar to those in most other parts of the country, although they are subject to the state laws in Oregon. In very simple terms, a foreclosure is the general description of a process that happens when the bank takes control of your house, and you are no longer the owner.
In the real world, of course, it’s more complicated than that. Here is a basic outline of the steps required to complete a Portland foreclosure. They start with a private notification period and wind up with a completed foreclosure sale of the house. As you gain more knowledge of the foreclosure process, you will be able to better identify at which points of the procedure it might be beneficial for you to step in and contact the parties involved.
Portland Foreclosure Procedure
Private Notification Period
- Lasts up to 90 days
- Mortgage payments are continuously late for 60 to 90 days
- Lender contacts borrower to bring loan current
Foreclosure notification
- Continuous until completion of foreclosure
- Lender notifies all interested parties of their intent to foreclose
Filing and Public Notification
- Lasts from one to 30 days
- Loan is in default
- Lender publishes personal contact information and the amount owed
- Lender publishes its intent to hold or sell the property
Last Public Notification
- Minimum of 20 days before the sale
- Sale advertised in local newspaper in county where property is located
- Includes date, time and place of sale
Last Chance to Stop Sale
- Minimum of five days before the sale
- Borrower must repay full amount owed plus foreclosure expenses
- Other articles you might enjoy:
Seller’s Motto: Sell House Quickly!
Where To Get Free Moving Boxes
How To Handle A Problem Remortgage
- Visit Aspen Dance Realty to discover all about second mortgages.
AspenDanceRealty.com. © 2010 Information provided is of the public record. We do not guarantee the accuracy of any Portland foreclosure listings. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process.