{"id":36611,"date":"2022-01-07T05:07:23","date_gmt":"2022-01-07T13:07:23","guid":{"rendered":"https:\/\/pdxlegal.com\/?p=36611"},"modified":"2022-01-24T03:30:57","modified_gmt":"2022-01-24T11:30:57","slug":"5-tips-to-avoid-foreclosure","status":"publish","type":"post","link":"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/","title":{"rendered":"5 Tips to Avoid Foreclosure"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"5_Quick_Tips_to_Avoid_Foreclosure\"><\/span><span style=\"font-weight: 400;\">5 Quick Tips to Avoid Foreclosure<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6629db0142993\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6629db0142993\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#5_Quick_Tips_to_Avoid_Foreclosure\" title=\"5 Quick Tips to Avoid Foreclosure\">5 Quick Tips to Avoid Foreclosure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_1_Obtain_A_Lawyer\" title=\"Tip #1: Obtain A Lawyer\">Tip #1: Obtain A Lawyer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_1_Obtain_A_Lawyer-2\" title=\"Tip #1: Obtain A Lawyer\">Tip #1: Obtain A Lawyer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_2_Be_Honest\" title=\"Tip #2: Be Honest.\">Tip #2: Be Honest.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_2_Be_Honest-2\" title=\"Tip #2: Be Honest.\">Tip #2: Be Honest.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_3_Communicate\" title=\"Tip #3: Communicate\u00a0\">Tip #3: Communicate\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#_Tip_4_Consider_Refinance_or_Sale\" title=\"\u00a0Tip #4: Consider Refinance or Sale\">\u00a0Tip #4: Consider Refinance or Sale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Tip_5_Explore_Bankruptcy\" title=\"Tip #5: Explore Bankruptcy.\u00a0\">Tip #5: Explore Bankruptcy.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/pdxlegal.com\/5-tips-to-avoid-foreclosure\/#Consult_a_Portland_Foreclosure_Defense_Attorney\" title=\"Consult a Portland Foreclosure Defense Attorney\">Consult a Portland Foreclosure Defense Attorney<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"font-weight: 400;\">Few words that start with F are as worrisome as the word \u201cforeclosure.\u201d\u00a0 There is nothing gentle or happy about that word but the reality is that good honest people sometimes find themselves facing foreclosure.\u00a0 Whether you fall behind because of a job loss, a medical situation, providing assistance to a family member in need\u2026the causes vary but the risk of losing your home to foreclosure can be overwhelming.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we are going to break down what foreclosure is and provide five tips to help avoid the problem.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_1_Obtain_A_Lawyer\"><\/span><span style=\"font-weight: 400;\">Tip #1: Obtain A Lawyer<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 style=\"display: none;\"><span class=\"ez-toc-section\" id=\"Tip_1_Obtain_A_Lawyer-2\"><\/span>Tip #1: Obtain A Lawyer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With a lawyer on the other side, you should strongly consider having a lawyer on your side.\u00a0 Many people try to do this on their own and hire a lawyer too late.\u00a0 The later you get started, the fewer options you have.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because foreclosure is a legal process, there are strict rules that must be followed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Oregon, the first of these rules, applicable to most but not all lenders, is they must obtain a certificate of completion from <\/span><a href=\"https:\/\/pdxlegal.com\/foreclosure-defense\/ofap\/\"><span style=\"font-weight: 400;\">Oregon\u2019s Foreclosure Avoidance Program<\/span><\/a><span style=\"font-weight: 400;\"> or OFAP for short.\u00a0 We did a video explaining OFAP in more detail and I\u2019ll link it below.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is only the first of many rules.\u00a0 Next, there are two different legal paths to foreclose that can be followed in Oregon.\u00a0 These will either be a judicial foreclosure \u2013 meaning a lawsuit in court, or a nonjudicial foreclosure, which is an out-of-court process.\u00a0 I\u2019ve done a video explaining each of these processes as well and will include those links below.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is an awful lot of info on the internet about challenging foreclosures and we go into some of that in our video on the specific types of foreclosure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But this process is governed by state law so whatever the internet says about any state other than Oregon is NOT going to apply here.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OK, now what do you do if you have fallen behind on your mortgage payments but no foreclosure has been filed yet?<\/span><\/p>\n<h2 style=\"display: none;\"><span class=\"ez-toc-section\" id=\"Tip_2_Be_Honest\"><\/span>Tip #2: Be Honest.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Tip_2_Be_Honest-2\"><\/span><span style=\"font-weight: 400;\">Tip #2: Be Honest.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Be honest with yourself about your priorities and finances.\u00a0 I have talked with so many people over the years who cannot bear the thought of losing their house.\u00a0 They work two or three jobs, never see their family, when they do see their spouse or kids they\u2019re so tired or stressed out that tempers flare.\u00a0 It\u2019s a house NOT your home.\u00a0 Re-focus on your family and find a new home \u2013 maybe you have to rent for a while to get back on your feet, but so what!\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Maybe your kids have graduated and it\u2019s time to downsize anyway.\u00a0 The point is to control your own narrative.\u00a0 Instead of feeling as if you\u2019re losing your house, reframe and see that you have an opportunity to start a new adventure in a new home.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be honest with your finances.\u00a0 If the mortgage default has grown so large or the home is not worth what is owed on it, you may be better off taking that pot of money needed to get current and putting it as a down payment on a future home.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_3_Communicate\"><\/span><span style=\"font-weight: 400;\">Tip #3: Communicate\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Communicate with the lender \u2013 generally, no foreclosure is commenced until you are four months behind on your payments.\u00a0 Once you fall four months behind, the lender may reject any payments that don\u2019t bring you totally current.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ASIDE \u2013 doesn\u2019t that seem crazy?\u00a0 You can afford to make one payment but they want all four and refuse to accept your one payment?\u00a0 Crazy but true.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So if you have slipped a little, do everything you can to NOT miss that fourth payment. Don\u2019t forget how mortgage payments are applied and review my video on that topic if you haven\u2019t already.\u00a0 If you anticipate the cash flow problem to extend beyond four months, request a loan modification packet, or a forbearance agreement, NOW.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unless your mortgage loan is privately owned, the loan servicer will have some sort of loss mitigation option.\u00a0 Take detailed notes of who you spoke with, what they said, and how you responded.\u00a0 If you don\u2019t successfully ward off foreclosure, then these notes may help you defend that action.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"_Tip_4_Consider_Refinance_or_Sale\"><\/span><span style=\"font-weight: 400;\">\u00a0Tip #4: Consider Refinance or Sale<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Consider a refinance, maybe with a co-borrower, if your credit is bruised or your income is down.\u00a0 It may be tough to ask family or close friends for assistance, but they are going to know anyway if you lose your house to foreclosure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also consider selling the home on your own. Even after a foreclosure has been started against you, you still have the right to voluntarily sell your property.\u00a0 Many people ask me about this so let\u2019s say it again \u2013<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, you can still voluntarily sell your property!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The timing may be tight because the foreclosure is typically not put on hold while you sell, but it is almost always way better to sell yourself than to be foreclosed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_5_Explore_Bankruptcy\"><\/span><span style=\"font-weight: 400;\">Tip #5: Explore Bankruptcy.\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/pdxlegal.com\/bankruptcy\/\"><span style=\"font-weight: 400;\">Bankruptcy <\/span><\/a><span style=\"font-weight: 400;\">can be a scary process but compared to a foreclosure?\u00a0 It\u2019s really all about control. In foreclosure, the lender controls the process and you are on defense.\u00a0 With Bankruptcy, you take control back over the process, <\/span><a href=\"https:\/\/pdxlegal.com\/foreclosure-defense\/\"><span style=\"font-weight: 400;\">stop the foreclosure<\/span><\/a><span style=\"font-weight: 400;\"> dead in its tracks and give yourself some time to deal with the situation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a<\/span><a href=\"https:\/\/pdxlegal.com\/chapter-13\/\"><span style=\"font-weight: 400;\"> chapter 13 bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">, the Court will force your lender to give you three to five years to get caught up on your payments while staying current.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We generally advise bankruptcy as a last option, but sometimes people wait too long and the payment default gets so large that they don\u2019t have the income to get current, even over five years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To recap what we\u2019ve just covered, my 5 main tips for you if you are facing foreclosure are:\u00a0<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Obtain a Lawyer<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Be honest about your priorities &amp; finances<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Communicate and take detailed notes<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Consider Refinancing or Selling the property yourself<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Explore Bankruptcy protection<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Consult_a_Portland_Foreclosure_Defense_Attorney\"><\/span><span style=\"font-weight: 400;\">Consult a Portland Foreclosure Defense Attorney<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re interested to know more about how you can avoid foreclosure, don\u2019t hesitate to consult with a <\/span><a href=\"https:\/\/pdxlegal.com\/\"><span style=\"font-weight: 400;\">Portland foreclosure defense attorney<\/span><\/a><span style=\"font-weight: 400;\">. Our Oregon law firm will be more than glad to assist you.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>5 Quick Tips to Avoid Foreclosure Few words that start with F are as worrisome as the word \u201cforeclosure.\u201d\u00a0 There is nothing gentle or happy about that word but the reality is that good honest people sometimes find themselves facing foreclosure.\u00a0 Whether you fall behind because of a job loss, a medical situation, providing assistance [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,8],"tags":[],"_links":{"self":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/36611"}],"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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/comments?post=36611"}],"version-history":[{"count":6,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/36611\/revisions"}],"predecessor-version":[{"id":36775,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/posts\/36611\/revisions\/36775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/media\/2648"}],"wp:attachment":[{"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/media?parent=36611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/categories?post=36611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pdxlegal.com\/wp-json\/wp\/v2\/tags?post=36611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}