Posts Tagged ‘oregon foreclosure’

Foreclosure in Oregon

February 27th, 2013 by Jarad

Question:  We have a mortgage with 20% of the amount in a HELOC with both parts of mortgage through Wells Fargo (May 2007). The house value is continuing to decline below the value of the first mortgage. If we walk away, short sale or go through foreclosure in Oregon…can the bank try to collect on the HELOC? Since we live in Oregon, we’re not sure what the best option is.

Foreclosure in OregonAnswer:  – I’m sorry to hear about your foreclosure in Oregon. I hear this a lot right now as home values in some parts of the country continue to decline. Let me share with you some of the possibilities and consequences you might have as you go through this process. The good news is that you still have a lot of good options since your home hasn’t actually gone through foreclosure yet. Once the home is foreclosed on, there are not a lot of options, so time is key right now. […read more]

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