Oregon Foreclosure Listings Key Terms

Learn about some key terms associated with Oregon foreclosure listings

By Jason Wood

Oregon foreclosure listings look quite different from their regular listing counterparts. Things like the type of foreclosure, date of auction and lien amounts are all specified. Therefore reading Oregon foreclosure listings can be a bit confusing for a potential buyer.

Take the time to understand some of the common terms you'll be coming across and what they mean within the state of Oregon. Here are some of those terms along with quality resources that will help you do more research.

Foreclosure by advertisement

A foreclosure by advertisement as it relates to the state of Oregon refers to advertisements that must be made in public places alerting the general population of a foreclosure sale. In the state of Oregon, these advertisements must be published weekly for four weeks in an appointed widely read publication.
Try: Visit the website for Foreclosure.com for further information on how the foreclosure by advertisement works in the state of Oregon.

Power of sale clause

A power of sale clause is an agreement written into the mortgage between the borrower and the lender that states if the borrower defaults on the mortgage, the lender may foreclose on the property without needing to file an additional court order. There are rules and regulations the lender must follow in order to enact the power of sale clause and foreclose on a property properly. Oregon foreclosure listings will detail if a power of sale clause has been enacted, essentially allowing a non-judicial foreclosure.
Try: Visit the website for Foreclosure Law.org for further information regarding the power of sale clause and how it operates within the state of Oregon.

Trustee

A trustee, in terms of Oregon foreclosure listings, is the entity that is overseeing the foreclosure on the property. This is a neutral party who has obtained temporary control of the property until the foreclosure is finished. When looking at an Oregon foreclosure listing, the trustee contact information will be provided.
Try: Visit the website for Realty Trac for further information on the role of the trustee in the Oregon foreclosure process.

Oregon notice of home loss danger

The "Oregon notice of home loss danger" is a recent state law which requires the trustee to send additional paperwork to the defaulted borrower outlining the pending foreclosure in more explicit terms. Oregon foreclosure listings will provide information on which notices have been sent, so that a potential buyer can make sure paperwork was properly filed and ascertain where the lender and defaulted borrower are in the foreclosure process.
Try: Visit the Official State Website of Oregon for a further explanation of the "notice of home loss danger."

Lien

A lien, as defined by Oregon law, is any charge against a piece of property for monies owed in terms of mortgage debt, tax debt, or other money which is owed to the state of Oregon. An Oregon foreclosure listing will detail the types of liens that have been placed on a property as well as the amount due.
Try: Visit the Oregon state legislative website for more information on the statutes that pertain to Oregon foreclosures.

Right to recovery

The right to recovery refers to a statute in Oregon law that allows the defaulted borrower to purchase the property back from the auction winner within 180 days of the auction. Interest and other fees are imposed on top of the sale price. When dealing with Oregon foreclosure listings, it's important to learn the terms of the defaulted borrower's loan so a judgment can be made as to whether they will try to redeem the property.
Try: Visit ActiveRain for more information on how the right to recovery works within the state of Oregon.