Stop Foreclosure Portland
These words are scary. In fact, for most people, the idea of facing foreclosure not only brings on feelings of anxiety, but also doubt and shame. These are natural responses, but don't let them overtake you.
Anyone can find themselves in this situation. Anyone.
The most important thing to do in this moment is to know and explore your options and take time to understand the process.
How long does foreclosure take in Oregon?
Every state has different nuances in the process. In Oregon, most foreclosures use a method referred to as non-judicial foreclosure. That just means the process does not need to involve the courts. The bank begins the foreclosure process by providing a notice, which typically will not begin until the payments are already well in arrears. From that notice, if the foreclosure goes completely uncontested, the process usually lasts approximately 180 days.
That timeframe can change considerably, however, if the borrower contests the foreclosure and involves the courts, or engages in other activities that interact with the foreclosure process such as bankruptcies.
What is a right of redemption?
Here's the truth, banks don't want to foreclose. From a distance, it may seem that way if you have equity. It may even seem like the bank is just out to take what is yours. Truthfully, the process is slow and costly for them, and they have no interest in owning real estate. Their business is in lending money, not owning property.
One reason that it's a costly process is the right of redemption. What this means is that after a foreclosure completes, the borrower still has a period of time to reclaim the property if they are able to bring the loan up to date and repay certain costs. In other words, after foreclosing, the bank has no option but to let that property sit for a period of time before liquidating it. They cannot do anything but sit on it, and that costs money too.
Oregon has a right of redemption of 180 days. That six month stagnation period is a compelling reason for the bank to act on reasonable alternative now, rather than wait.
How do you stop foreclosure?
There are three main categories of options that can stop imminent foreclosure:
- changing the terms of the loan
- liquidating the property
- bankruptcy
None of those probably sound like great options, but any of them may be potentially favorable over a foreclosure.
In the case of changing the loan, there are several ways this may come about. Negotiating a forbearance with the bank may reset the terms of the loan, resulting in more affordable payments by paying back the balance at a lower rate or over a longer period. Merely refinancing the loan on the home may also achieve this result.
Often, the best solution is simply liquidating the house and getting out from underneath it. While obviously, this precludes keeping or staying in the house, it does remove your liabilities tied to the property and keeps a foreclosure off your credit record, a financial scar that takes years to recover from.
In the case of bankruptcy, that is a whole different topic well outside of our service offerings and if this is an option you are seriously considering it's in your best interest to get in touch with qualified legal representation for consultation.
Avoid foreclosure with a fast sale
Selling the house is often the simplest solution. If you have equity, you will walk away with cash, and stop the foreclosure from occurring. However, there are many situations where selling is difficult, whether it be the condition of the house, or simply your time horizon.
In those cases, cash buyers are often an appealing option because they do not tend to care about the condition of the house. The transaction will happen quickly, and you will not have to worry about complications in the buyer's financing, or bank rules that slow down the process.
We deal with cash buyers frequently, and not only can help you navigate the process, we can use our deep network of these buyers, often referred to as instant buyers, and present several offers to choose from competing to purchase your home.
Working with us, you will be sure to only be provided competing offers from qualified buyers that have been screened to ensure you are only dealing with honest and reliable parties.
You choose your close date, which can be as fast as within days of the offer, and you will not have to deal with any kind of cleanup, repair, or investment back into the property. A clean break.
Getting professional help in a time of need
No matter which direction this challenging situation brings you, we are here to help guide you through to the best possible outcome. We are proud to offer SFR certified consultation through this process.
SFR (Short Sales and Foreclosure Resource) certification is a special recognition provided by the national association of realtors for real estate professionals whom specialize in helping people through short sales and foreclosures.
We offer transparent and honest advice during a time of need. We're here to help you. Contacting us does not create any obligation for you. We know that you probably have questions and are looking to get answers in a hurry, which is why we've made it possible to contact us through telephone or email with your inquiries. We recommend acting quickly if you know that foreclosure is approaching so that you can have your options laid out and visited, and can make an informed decision about what to do next.
We're here to help stop foreclosure with you, every step of the way!
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