Q: What are the steps to get our real property back from buyer who defaulted?
We offered owner financing to our buyer who is almost two months behind on their payments. I would like to go the non-judicial route to forfeit their interest in the property for defaulting pursuant to Oregon law. I am having a difficult time understanding my requirements having to do with the county clerk. Do I have to file the notice of default after the cure period (60 days) with the clerk or do I have to file right away? What other documents do I need to file with the clerk besides the notice of default and proof of service? The original contract? Title?
Thank you!
A: This is really not a do it yourself project. There are some very definite requirements in order to effect a forfeiture under a land sale contract or to foreclose. I always start by getting a foreclosure guarantee from a title company so I can know who may have or claim an adverse interest in the property other than the original buyer. Find a lawyer who handles this type of matter.
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