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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial
Judicial foreclosure is allowed if foreclosing party chooses it |
| Time to respond | Nonjudicial: Foreclosing party must record a notice of default and serve it on homeowner by mail. Foreclosing party must also serve a notice of sale on homeowner 120 days before the sale.
Judicial: After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. |
| Reinstatement of loan before sale | Up to five days before sale. The law limits the amount homeowner can be charged in costs and fees. |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Or. Rev. Stat. § 105.111 |
| Deficiency judgments | Not available |
| Cash exempted in bankruptcy | $7,500 for one person, $15,000 for a married couple |
| Notice to leave after house is sold | New owner entitled to possession 10 days after the sale; after that former owner can be evicted without notice. Or. Rev. Stat. § 91.040 |
| Foreclosure statutes | Or. Rev. Stat. §§ 86.735 to 86.795, 88.080-88.100 |