{"id":2357,"date":"2015-05-11T15:05:38","date_gmt":"2015-05-11T22:05:38","guid":{"rendered":"https:\/\/pdxlegal.com\/?p=2357"},"modified":"2023-10-11T04:54:35","modified_gmt":"2023-10-11T11:54:35","slug":"10-things-you-must-know-about-non-judicial-foreclosure","status":"publish","type":"post","link":"https:\/\/pdxlegal.com\/10-things-you-must-know-about-non-judicial-foreclosure\/","title":{"rendered":"10 Things you MUST know about Non-Judicial Foreclosure"},"content":{"rendered":"

Foreclosure means a home is at risk.\u00a0 Most of the time this is a\u00a0home that serves as the primary residence of the borrower.\u00a0 In Oregon, foreclosures follow one of two very different processes.\u00a0 We previously posted information about \u201cJudicial Foreclosures\u201d and the information that follows is about \u201cNon-Judicial Foreclosures.\u201d \u00a0Next week we will compare and contrast the two foreclosure processes in Oregon.\u00a0 Keep in mind that before EITHER type of foreclosure can commence, the lender must (with limited exception) have gone through the state’s Foreclosure Avoidance Mediation program.\u00a0 More info on that program will follow but for now here are ten things you must know when facing a non-judicial foreclosure<\/a>:<\/p>\n

10 Things you MUST know when facing Judicial Foreclosure<\/h3>\n

1.<\/strong> Foreclosure generally is a process to force the transfer of ownership of real property out of the name of the Homeowner into the name of a Lender, lienholder or new purchaser.<\/p>\n

2.\u00a0<\/strong>Nonjudicial Foreclosure is an out of Court process governed by strict compliance with Oregon statutes. \u00a0There is no Judge or Court to resolve any disputes between the Homeowner and the Lender. \u00a0As a result it is often very difficult to get information or action from the Lender or Loan Servicer.<\/p>\n

3.\u00a0<\/strong>Nonjudicial foreclosure is initiated by the filing of a \u201cNotice of Default and Election to Sell\u201d (Commonly referred to as a \u201cNOD\u201d) by the Lender\u2019s agent called the \u201cTrustee\u201d.<\/p>\n

4.\u00a0<\/strong>The NOD will contain a sale date which is at least 120 days after the NOD is issued. \u00a0On that date a public auction will be held and the property will be sold. \u00a0The NOD is published once a week for four weeks after it is issued.<\/p>\n

5.\u00a0<\/strong>The Homeowner can stop the Sale if, more than five days prior to the sale, the Homeowner catches up on all missed payments, costs and fees incurred by the Lender.<\/p>\n

6.\u00a0<\/strong>The sale date can be reset up to 6 months if the Trustee has reason to do so. \u00a0Usually this is done in 30 day increments and often the Trustee will not announce a set over until the actual day and time the sale is supposed to occur.<\/p>\n

7.\u00a0<\/strong>The sale is a public auction and Lender is allowed to \u201ccredit bid\u201d what they are owed. \u00a0Anyone else must have cash or be prequalified to bid by the Trustee. \u00a0The Homeowner can bid at the auction but again, must have cash or be prequalified, so this very rarely happens.<\/p>\n

8.\u00a0<\/strong>The sale price is usually equal to the total amount of debt owed on the first mortgage note including all fees and costs.<\/p>\n

9.\u00a0<\/strong>Once completed, the Borrower will no longer have any right to possession of the property and must move out of the property and remove all his\/her personal belongings within ten days following the sale or face eviction.<\/p>\n

10.\u00a0<\/strong>The Borrower has no right to redeem (buy back) the property after the sale. \u00a0The Trustee will issue a new Deed in the name of the purchaser.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreclosure means a home is at risk.\u00a0 Most of the time this is a\u00a0home that serves as the primary residence of the borrower.\u00a0 In Oregon, foreclosures follow one of two very different processes.\u00a0 We previously posted information about \u201cJudicial Foreclosures\u201d and the information that follows is about \u201cNon-Judicial Foreclosures.\u201d \u00a0Next week we will compare and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/2357"}],"collection":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/comments?post=2357"}],"version-history":[{"count":4,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/2357\/revisions"}],"predecessor-version":[{"id":37775,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/2357\/revisions\/37775"}],"wp:attachment":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/media?parent=2357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/categories?post=2357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/tags?post=2357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}