If you are wondering what the Oregon foreclosure process is like and how long it takes there are many things to consider. These things include how the process works, time, and if the process ever really stops. These are very important considerations if you miss a payment.
The Oregon foreclosure process begins as soon as you miss the first payment or after the second payment is missed. This usually depends on the lender. The lender will initiate the foreclosure process through the court systems in your local county by filing a notice of default and having you served with it. This will be posted in the local newspapers and announced to the public that payments have been missed and the foreclosure process has started on the home. The bank will try to contact you and work out a payment plan to get caught up or saving the home. If you choose to lose the home then the bank will then set up a date to sell the home at an auction. At this date the home will be sold at the auction and you will be required to move out of the home by the sheriff’s department.
The Oregon foreclosure process could take from nine months to a year depending on the bank and how backed up the courthouse is in the county you reside in. Some lenders are very quick with processing foreclosures because they have had so many recently and they know it is better for them to make it happen fast. The average foreclosure process takes approximately 6 months from the time the borrower misses the payment until the home is sold at the auction.
Once the Oregon foreclosure process begins you can make it stop by getting caught up on your payments. If you make a deal with the bank then you need to maintain the agreement or you could start the foreclosure process up again.