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Portland Foreclosure Quick Clicks > Government Mortgage Help > Collection Laws in Oregon |
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Get out of foreclosure
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 Get out of foreclosure
What you can do if you face foreclosure If you do get behind on your mortgage payments, you may be able to keep your home and maintain your credit rating if you confront the problem early. The most common mistake people make when they get behind on their mortgage payments is to ignore the problem. Some people don’t even open the foreclosure warnings their lender mails them. To save your house and your credit rating, contact your lender immediately and try to negotiate a solution. Lenders would prefer you pay the loan instead of foreclose your property because foreclosure can be a long and expensive process. Explain your willingness to commit to a payment plan until you are in a better position to resume your regular payments. Remember, a new Oregon law requires your lender to meet with you, click here. If you are foreseeing problems for reasons beyond your control, such as the loss of a job, medical emergency, or divorce, ask to speak with a staff person about a loss mitigation plan. Prepare a letter explaining your situation, the reason you are facing financial problems, and why you think it could improve. Ask if you can work out a forbearance or a loan workout plan. Ask if your unpaid monthly payments can be added to your principal loan and how much this will cost you. The Oregon law about foreclosures has specific requirements and steps for lenders and individuals holding a lien on a property before they can foreclose a property. This period of time gives homeowners an opportunity to get back on track to save the house as long as they pay the unpaid mortgage payments, interest, and any other expenses charged by the lender. Seek legal counseling to understand your rights under the state’s foreclosure laws. If your lender allows for partial payments during this time, do so and maintain the records; this may help your chances of reaching an agreement with your lender. Lenders approved by the Federal Housing Admini-stration (FHA) must offer borrowers the following options before pursuing foreclosure, providing they qualify. If you have another type of loan, your lender may or may not offer these options, but you should ask your lender if you qualify. Alternatives to foreclosures include:
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| Home | First Time Buyers | Foreclosure Basics | Foreclosure Listings | Get Out of Foreclosure | Get advice |
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PortlandForeclosure.com: Portland Foreclosure. Educating the public on foreclosures in Portland and Portland foreclosure related issues. If you are a first-time home buyer, seasoned investor or home owner, you've found the right place to discover. Our online resource and help center on foreclosures is the most extensive foreclosure website in the Portland metropolitan area. We actively update foreclosure data for counties including Multnomah, Clackamas, Yamhill, Washington and Clark County. Location: 1030 NW 12TH AVE #TH4-1, Portland, OR 97209 Phone: Contact Page Email: Contact Page Copyright © 2010, Portland Foreclosure. PortlandForeclosure.com. All rights reserved. Report web site corrections and broken links only to corrections.  Privacy policy.
Disclaimer: Information provided is of public record. We do not guarantee the accuracy. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process. |
AVOID FORECLOSURE: Forbearance or repayment plan Mortgage loan modification Partial claim Pre-foreclosure or short sale Deed-in-lieu of foreclosure Cash-for-keys Fannie Mae’s Deed for Lease program Making home affordable program Filing Chapter 13 Bankruptcy Filing Chapter 7 Bankruptcy |
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