As Florida Attempts to Move to Non-Judicial Foreclosures, Oregon Moves Towards Judicial Foreclosures

Judicial foreclosure

Original method: Around since the 1800s.

More costly: Court filing and attorney fees increase the costs for the lender and possibly the borrower.

Court oversight: Borrowers get a hearing before a judge where they could challenge the foreclosure.

Sheriff’s involvement: Local sheriff actually sells property after the court rules.

Right of redemption: Up to 180 days after sheriff’s sale, borrower has right to reclaim the property by matching the winning bid.

Length: Entire process could take close to a year.

Nonjudicial foreclosure

Newer: Available since 1959.

Less costly: No requirement to go before a judge or hire a lawyer.

Quicker: Set up to take 120 days, though it rarely does.

Public recording: The trust deed, any assignments of trust and any appointment of a successor trustee must be recorded in county recorder’s office where property is located. Several courts in Oregon say lenders have failed to meet this requirement.

Proper notice: Notice of default must be filed in county recorder’s office and sent to borrower by certified mail. Notice of sale must be given to both borrower and tenants at least 120 days before a foreclosure sale. It also must be published in a newspaper of general circulation once a week for 4 weeks, at least 20 days before sale.

Right to cure: Borrower has right to pay all missed payments and lenders’ fees up to five days before sale to cancel foreclosure.

Auction sale: Trustee auctions off property on courthouse steps to highest bidder.

Sources: The Oregonian research; William Larkins

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Oregon foreclosures appear likely to shift to the courts

Their preferred method in legal limbo, lenders are gearing up to move Oregon foreclosure sales from the courthouse steps into the courtroom itself, with significant implications for both homeowners and the housing market.

For half a century, the vast majority of the state’s residential foreclosures have occurred without a judge’s involvement. Oregon is one of 24 states that allow nonjudicial foreclosures, provided lenders give borrowers proper notice, publicize the sale and abide by other requirements.

But late last year, federal judges began blocking them, ruling that lenders had failed to follow one of those requirements: filing the mortgage’s ownership history in county records.

No one can say how many of the estimated 26,000 foreclosures pending in Oregon will ultimately land in front of a judge. But attorneys and trustees involved in both processes say hundreds of files are being reviewed.

“It could be thousands, ultimately,” said Lance Olsen, attorney with Routh Crabtree Olsen in Bellevue, Wash., whose affiliate, Northwest Trustee Services Inc., is the largest nonjudicial service provider in the West.

Check out the rest here…

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4closureFraud.org

 

Comments
6 Responses to “As Florida Attempts to Move to Non-Judicial Foreclosures, Oregon Moves Towards Judicial Foreclosures”
  1. lies says:

    i am not understanding what is happening they took all manufacturing jobs over seasm my husband is 52 from an emigrants family moving to america from hlland in the 1960’s there were 7 children college was not even discussed. How can they blame these guys? They all want to work but cant find jobs so on top of not being able to find a job they are going to take the houses away too? Lawsuits every where everyone wants a peice of the pie while us poor home owners are getting scrooded we need to wake up and take it to the streets it will never be fixed

  2. Jim Bethea says:

    This is a “brainstorm” of the Atty Gen’s office to get out of the Hot Grease that they are in ~~ nothing BUT FRAUD coming out of the FL Atty Gen’s office lately ~~

    This is an attempt to try to controvert all of the bankster’s past fraud via a judicial court into a behind the sceens backroom method for the banksters to steal the homes from the unsuspecting homeowners…..what a scam ~~

    Maybe the Florida Atty Gen’s office, in their scurry to try to keep waters out of their sinking ship; felt as though the converting to non-judical foreclosure [ organized theft] would quieten things down, but they must have forgot that if any mortgage includes FRAUD then it can be easily removed back to judicial courts !!!!!

    • EXC– USE ME….JUST WHO SAY’S FLORIDA ATTEMPTS TO MOVE TO NON-JUDICIAL FORECLOSURES….WE THE PEOPLE HAVE NOT EVEN BEEN ASKED IF THAT IS WHAT WE WANT….THIS SHOULD BE ON A BALLOT…VOTED BY THE PEOPLE….NOT SOMETHING DONE BY THE CORRUPTED STATE GOVERNMENT….THIS GOVERNMENT IS RIDING ON THE BACKS OF THE MORTGAGE BANKERS ASSOCIATION WHO HAS HOME BASE RIGHT IN THE CAPITOL….BANKERS DO NOT MAKE OUR LAWS….THIS GOVERNMENT NEEDS TO START LISTENING TO THE PEOPLE….STOP AIDING AND ABETTING WITH THE FRAUDSTER…CRIMINALS…..FLORIDA STATE GOVERNMENT AND THE FRAUDSTER BANKSTERS ARE ALL UNDER THE SAME UMBRELLA….A COMPLETE CRIMINAL PATTERN …. THEY ARE NOTHING BUT PUPPETS WORKING FOR THE SNAKE.
      FLORIDA….WAKE UP….THIS IS SERIOUS….WE CANNOT ALLOW THIS ACTION TO CONTINUE….

      • housemanrob says:

        Marilyn… Who says the banksters are not making the laws……and getting away with anything!

      • Rob….Under the corrupt conditions they may be making the laws…the bribes dropped in the money pouch of the legislatures….the legislature is given the power to make laws…where does it say the banks have the power to make our laws….the banks wishes are granted with the bill passed by the corrupt legislatures allowing money to be given with no questions asked. That is how this crooked crap is being done…but the banks have no power to MAKE our laws..they are no part of our government….and yes, they are getting away with it all because of the corrupt umbrella that protects corruption…the same corruption as in Washington…..State, Federal and the Financial industry are all under the same umbrella of the snake.

    • Jim…all the mortgages have fraud….the banks never lent any money…the fraud was from the very start..at closing….and continued on from there. These pre-tender lenders..the banks…do not own anything…..our mortgages are paid ….it looks like all the mortgages will be back in court..cause they all have fraud. Also…the Title Companies doing the closings were in on the fraud…this to was intent to defraud….a crime……that also includes any brokers…..no one is exempt on this fraud.
      I so far have not been concienced that securitiziing even was done….it was a cover-up of the frauds…..

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