FAQ - GENERALLY - FORECLOSURE IN OREGON
GENERALLY:
QUESTION: What happens if I go into foreclosure on my mortgage or trust deed?
ANSWER: You can lose your property in a forced sale and in some cases still owe the creditor money.
Real property foreclosures in Oregon are by the same processes as for California, above and for Arizona, below, i.e. either through a non-judicial sale by a trustee’ auction or a sheriff’s or constable’s sale by order of a court in a judicial foreclosure processed as a lawsuit through a court. The consumer’s notice rights, foreclosure timelines and the creditor’s rights for deficiencies change. So also does the court for judicial foreclosures as in Oregon the Circuit Court has jurisdiction and there is no court entitled the “Superior Court” as there is in California and Arizona. As in both California and Arizona, in certain circumstances, a creditor may elect to waive the security against the land and sue the borrower strictly on the promissory note. A Guarantor (one who stands liable for the loss of the creditor by operation of a written agreement to do so) can have the same liability as in California, above, even where the debt is a non-deficiency debt. ORS 86.770 (4).