Lebanon, OR asked in Foreclosure for Oregon

Q: Why would bankruptcy be a benefit for the question related to accelerated loan foreclosure in oregon.

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

A: Because the likelihood is that if you don't have funds to immediately reinstate the loan you are not going to get anywhere with the lender and you will have to file a chapter 13 to stop the foreclosure and give you 60 months to pay back the amount that you are behind on the mortgage. People often file chapter 13 to stop foreclosure and give time to catch up the arrearage. If I understand correctly then an accelerated foreclosure just means you have less time to work something out. But, I will say, having done foreclosure defense for the 8 years of the last foreclosure crisis, there is no such thing as an accelerated foreclosure to my knowledge. A non-judicial foreclosure takes 5-6 months to get to a sale date from the time they initiate it.

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