Lebanon, OR asked in Foreclosure for Oregon

Q: Is a accelerated loan foreclosure allowed in oregon, my mortgage company is not assisting with any kind of help,

My loan Is a 30 yr for @$250,000 in 2007, it was payed down to $44,000 by 2019, as it stands is I owe @$22,000, and have missed the last 6 payments, also the market property value is above $600,000, on two tax lots with condo development on the adjoining lots behind our property. I believe they are fast tracking doing both foreclosing and purchasing it due to the lack of communication between the bank, mailing proper paperwork takes over 3 weeks to receive anything from them and by that time the dated time frame are past and we have no idea what to do. We got a notice of accelerated loan foreclosure process and bank people coming to the house asking questions and taking pictures, standing across the street and pointing and talking about the house and property, we have not been notified of intent of or any other related information mail. What can I do about this and who can help

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1 Lawyer Answer
Mr. Michael A. Shurtleff
Mr. Michael A. Shurtleff
  • Salem, OR
  • Licensed in Oregon

A: Ultimately a Chapter 13 bankruptcy is the tool to stop the foreclosure. I would suggest contacting Michael O'Brien in Portland. Doesn't really matter what town you are in. He may be able to help short of filing a Chapter 13 as well.

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