If you google “Foreclosures in Eugene Oregon” you will find that there are 140 homes for sale as foreclosed in Eugene today. It’s a myth that there isn’t that much foreclosure going on. “The total number of homes with foreclosure filings jumped 27% in October 2016. It was the biggest jump in monthly foreclosure filings since August 2007.”* Housing prices may be on the rise, but so are mortgage payments as bank bailout programs and loan extensions expire.
Currently there are 45 Lane County properties listed as coming up for public auction on the Oregon Sheriff’s website**. Notifications are usually posted in local newspapers as well and not all are on the website.
Foreclosure happens when the homeowner falls behind on their house payments and the lender uses state procedures to sell the house. Foreclosure works differently in different states. In some states, the lender has to file a lawsuit to foreclose (judicial foreclosure), while in others, it can foreclose without going to court (nonjudicial foreclosure).
According to NOLO.com, the online legal encyclopedia “If your home loan is secured by a mortgage, chances are excellent you’ll have a judicial foreclosure. If your loan is secured by a deed of trust, you’ll probably have a nonjudicial foreclosure. The most common foreclosure process in Oregon is nonjudicial.
A judicial foreclosure often takes longer—a lot longer—than a nonjudicial one. A judicial foreclosure also gives you a ready-made opportunity to oppose the foreclosure and assures that your home won’t be lost to foreclosure unless a judge signs off on it. Judicial oversight is an important protection against illegal tactics by the foreclosing party.”***
Not all foreclosures have to end in the homeowner losing their home. Most homeowners going through foreclosure don’t know all of their options to avoid foreclosure. In some cases homeowners may be able to stop foreclosure.
There is a lot of mis-information out there about foreclosure and the foreclosure process. And frankly, new regulations from the government seem to come out every few months. If you or someone you know is facing foreclosure, Grateful Nuts can help you explore options that could help you stay in your home if your situation qualifies.
If you are considering purchasing a home at auction, the basic steps to consider are explained in detail in the article “How to Buy Oregon Foreclosures” on Oregonlive.com****. Here are a few of the most important points to keep in mind:
- Contact the sheriff and ask what is required to purchase the property at the auction. In some cases, the entire amount is due; in others, an earnest money deposit might be acceptable. Be prepared to close within the required time period, usually 30-days. The sales are public auctions to the highest bidder for cash or cashier’s check, in hand.
- Ask for a copy of the purchase agreement or contract of sale document that you will need to complete if you are the winning bidder. Have your attorney review it carefully.
- If possible make arrangements to view and inspect the property. If the property is occupied or the owners are not cooperative this might be difficult. However, if at all possible, schedule independent professional inspections as you would any with any other property purchase. Always remember, you are buying the property “as is”. Properties are sold as-is using a quitclaim deed, which passes any title, claim or interest in the property to the buyer without making any promises about other claims or liens.
- On the day of the auction you will go to the courthouse to bid. Decide what your top bid will be in advance.
- When you’ve won the bid, sign the purchase agreement and submit your cash or cashier’s check. At this point your payment is non-refundable.