Oregon Foreclosure Time Frame?
I'm looking for serious answers and links back to documentation or online resources regarding Oregon foreclosure time frames. I have a migrant co-worker who was literally crying today and shaking; couldn't work. Her husband died in an accident a few months ago and she's been struggling to make ends meet ever since. She's behind this month and has done the math, and it doesn't look like she'll ever be able to pay the mortgage and bills without a 60% raise (that's not going to happen).
She's had her home appraised and it's worth only $180k, whereas the balance on the home is $278k. There is literally no equity in it, since they had done a no money down interest only loan from Countrywide. So selling or even short selling isn't an option, as even the primary lender has no incentive to lose and have refused to work with her.
With no money left, she's looking to save up money to pay for the move and deposit required to move into a house or apartment and pay off the negative balances on her dead husband's Escalade and boat (both have already been repo'ed).
She knows it's only a matter of time before her end. She needs to know how long she has to live in the home until she is evicted from a foreclosure proceeding. DOES ANYONE SERIOUSLY KNOW HOW LONG SHE HAS LEFT TO LIVE IN THE HOUSE UNTIL SHE IS EVICTED FROM THE FORECLOSURE IN OREGON?
Please cite your sources and/or any relevant resources if available. Serious answers only. You're a blunt headed moron if you insult the grieving widow by writing lame answers or racist comments. If you can't say anything good, please don't say anything at all.
Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…
In addition, Meyer Memorial Trust made significant grants for emergency food, utilities, rent and foreclosure assistance, and increasing access to the … Read More…
REO Properties in Portland Not Contained by HAMP Efforts
Statewide, foreclosure activity slowed down, but the 3813 homes hit with filings in April was still a big percentage of all households in Oregon. … Read More…
Deschutes County Sees Decrease In Home Foreclosures
The Gorilla Oregon Foreclosure Index (OFI), which measures conditions in the foreclosure market for the 15 Oregon counties where Gorilla tracks foreclosure … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
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ususally it takes seven or eight months until eviction occurs.
#2 If she does not want to stay in the house and is looking at a foreclosure then this is how it works; The worst case scenario is that once she is 3 months past due on her payments she will recieve a NOTICE of DEFAULT. The notice of Default will state the auction date on it. The auction date will be 3 months from the NOD date. So a total of 6 to 7 months. She will have until that date to live in the house. Now in WA you have 15 days after that auction to vacate. I do not know OREGON law on this. That is the worst case scenario. I also know that Countrywide is slow and she very well may not receive the NOD after her 3rd month of missed payments. I have a client who has not paid since Dec and still has not received their NOD. I would suggest that she stay in the house as long as possible. She HAS TO RECEIVE the NOTICE before they auction the house. Once she gets closer to the auction date I would suggest that she contact BofA and ask for "cash for keys". This is a program many banks offer to homeowners. They will actually pay the homeowner anywhere from $500. to $5,000. to hand over the keys on a certain date. This money is to be used to help them move. If at first she is told no, call back and talk to someone else. Talk to the loss mitigation dept. NOT THE COLLECTION DEPT. You will get no where in collections. You need foreclosure dept or loss mitigation dept. She needs to be persistent! She is fighting for her welfare.
I hope this was helpful and I wish her good thoughts and good luck.