Going through my files the other day, I found my Oregon Trust Deed Foreclosure Timeline. And being that I am a new Certified Distressed Property Expert (CDPE) I immediately pulled it out for review. Then I thought---how timely! Wouldn't others appreciate it? So here's a brief rundown. A more formal and thorough copy could be obtained through a local title company.
There are 120 days (LEGALLY) from DEFAULT to SALE. (Non-judicial Foreclosure)
120: Record Notice of Default and Election to Sell. The Trustee's Notice of Sale is sent by both first class and certified mail.
60: Notice of Sale is published in the newspaper for 4 successive weeks.
30: Final check for IRS Liens
20: Record Proof of Service, Affidavit of Mailing and Affidavit of Publication
15: Last day any interested party may send a written request to the trustee for a written statement of information
5: Last day for the borrower to cure the dafault---and the sale can be POSTPONED
SALE: Sale takes place at appointed time and lace. Trustee's deed is recorded wn 10 days. Purchaser is entitled to possession 10 days after sale--NO redemption rights.
There are ways to CURE a home in the Foreclosure process.
Reinstatement: You find money and pay what you owe in total.
Forebearance: A process you work out with your Lender to make back payments over time plus the monthly payments owed. THEN after payback the morgage is reinstated.
If you have equity, you could sell (Obvious answer)
Refi/Mortgage Mod: long process... ask your lender
Short Sale: Just received Treasury Guidelines to speed the process. Your house sells, but you don't get slapped with the endless negative ramifications of a Foreclosure--- you have a lesser "punishment", so to speak :) and hopefully, we help the market stabilize.
Food for thought!