Oregon Foreclosure Laws
Oregon Foreclosure is both judicial and non-judicial.
The majority of loans are foreclosed by the non-judicial method.Oregon Foreclosure Timeline
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| 120 Days | 10 Days | ||||||
|---|---|---|---|---|---|---|---|
| Notice of Default Records Trustee's Notice of Sale | 1st Publication 4 Weeks | Last Day to Reinstate (5 days prior to sale) | Purchaser Entitled to Possession | ||||
Major Elements of Oregon Foreclosure include:
1. Sending the Notice of Default out for recording and setting a sale date. (Must record Notice of Default, mail and serve Notice of Sale on occupants more than 120 days before the sale date).2. Publication - 4 consecutive weeks, the last publication must be more than 20 days before the sale date.
3. Oregon foreclosure sale date is set no earlier than 120 days from the Notice of Default.
4. The sale must be conducted between 9 a.m. and 4 p.m. at a place designated in the notice
5. Occupant of premises has 10 days after sale to vacate premises.
6. Sale can be continued up to 180 days (in case of Bankruptcy filing, sale continued indefinitely).
7. A deficiency judgment cannot be obtained through a non-judicial deed of trust foreclosure by advertisement.
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