What is Foreclosure in Springfield, Oregon?

Find the right Foreclosure Bankruptcy attorney in Springfield, OR

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Springfield, Oregon Foreclosure normally involves a forced sale of the house at auction. Banks normally want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the United States, including Oregon, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Springfield, Oregon attorney to see if this state is one of them.

How Can I Avoid Foreclosure in Oregon?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is necessary to remember that banks don't really want to own homes in Springfield. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You may also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Springfield, Oregon Attorney Help?

If you are facing the possibility of foreclosure, a good Springfield, Oregon real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Springfield

Springfield is located in Lane County, Oregon. It is near Eugene and Interstate 5, with a population of around 59,400 people.

The largest employer is PeaceHealth. Other top employers include Sacred Heart Medical Center at RiverBend, and McKenzie-Willamette Medical Center. As evident, the healthcare industry drives Springfield's economy. However, this does not mean that the legal force is not present in the city. There are many solo-practitioners and law firms in the city that provide services in all areas of law. Moreover, the attorneys are extremely competent and able to handle any and every legal need.

The most famous resident was Ken Kesey. He is an author who moved to the city at a young age. He graduated from University of Oregon, and bought the nearby Pleasant Hill farm. This famous resident passed away in 2001.

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