Oregon Foreclosures and Foreclosed Homes for Sale

Whether a lender can foreclose on a property out of court in Oregon is determined by the terms of the mortgage. If a power-of-sale clause is present, the lender can use a non-judicial process after filing a notice of default with the county. However, if there is no power-of-sale clause in the mortgage, the lender must go through the courts and obtain the proper judgments.

The majority of Oregon mortgages contain a power-of-sale clause, allowing lenders to use a non-judicial process of foreclosure. After filing the notice of default, the lender may then schedule the public sale date. Oregon law requires, though, this date be no less than four months after the initial notice of default was filed.

When a lender uses a non-judicial process, they must publish a notice of sale in a local newspaper at least once a week for four weeks. These notices are a valuable resource for anyone looking to purchase a Oregon foreclosure through public auction, as they list a description of the property, as well as the date and location of the sale, and any important terms of sale.

An appointed trustee will preside over the sale on the scheduled date. Since sale locations will vary, it is important to take note of the location on the notice. The auction is open to the public, and anyone, including the lender, is free to make bids on the property. The winning bidder must pay the entire sale amount at the auction, in cash. The property will be transferred to the new owner within 10 days, and the previous borrower has no right to redemption.

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