How do foreclosures work in Southern Oregon?

By
Real Estate Agent with Hokanson Realty

How do foreclosures work in Southern Oregon?

 

Pre-foreclosure Period

If you get behind on your mortgage payments on your home in Southern Oregon, Medford and surrounding areas, usually 3 months behind, to begin foreclosure, the lender will record a notice of default with the county recorder at least four months before the property is scheduled for sale. The lender will also deliver the notice of default to the borrower at least four months before the sale date.

As a borrower, you can stop the foreclosure up to five days before the sale by paying all past due monies owed plus costs.

 

  

Notice of Sale / Auction

The notice of sale will be published once a week for four weeks before the sale in a local newspaper. The last notice is published at least 20 days before the sale date.

The sale will be between the hours of 9 a.m. and 4 p.m. at the location stated on the notice. Oregon foreclosure sales are public auctions. Anyone, with the exception of the trustee, may present bids. The property will go to the highest bidder, who must pay in full in cash at the time of the auction. The trustee transfers ownership of the property to the highest bidder within 10 days of the sale. At that time, the purchaser is also entitled to possession of the property.  If the bank is the highest bidder, at that point, the home becomes an REO for the bank.

The sale may be postponed for up to 180 days from the original scheduled date without restarting the foreclosure process.

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