Oregon Foreclosure
Available rights under Oregon Foreclosure law are judicial and non judicial foreclosures, right of redemption, 180 days of timeline and deficiency judgment. Instruments of security are mortgage and deed of trust. When none of the instruments of security contain power of sale clause judicial foreclosure is used. Important events are lender filing a law suit, declaration of foreclosure and sale to highest bidder. Borrower’s intent to redeem must be filed to Sheriff between two to thirty days of the sale and redeemed in the inside of 180 days by paying mortgage plus, interest, cost, fees and maintenance expenses to the lender. When power of sale clause is not clear about procedures then a power of sale guideline must be used. An advance notice of 120 days to the borrower after recording default in the county to be published in local papers for four weeks and last publishing has to fall 20 days before sale. Notice must detail property, record information on deed of trust, venue & time of sale, default amount and the intent of the lender to sell. Borrower can cure default by clearing balance he owes to lender. Anyone except trustee can bid and property goes to highest bidder. Postponement of up to 180 days is possible by advance notice of 20 days to all bidders.
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