So your house is in Oregon and you didn’t pay the mortgage. What happens now? Well the good news is that foreclosure in Oregon is a fairly slow process, so you have time to try out some options.
If you just missed one payment, probably you can just pay it later with a late fee and everything will be fine except for a mark on your credit. If you missed two, the same is likely true. If you get three payments behind it’s likely that you mortgage handler will stop accepting payments. That’s when things really start to happen, because when they stop accepting payments it likely means they’ve decided to pursue foreclosure instead of continuing to hope you’ll bring the loan current.
What do you do then?
The first thing I would recommend is to get wise. Answer the following questions for yourself:
Could you realistically afford this mortgage if you stopped the foreclosure?
How much is the house really worth?
How much do you owe on the house?
How much of what you owe is back-payments, penalties, and fees that if paid would bring the loan current?
Are you most worried about losing the home, damaging your credit, or losing your equity?
The second thing I would recommend you do is start considering your options. Everyone you talk to will have their own idea of what you should do. Keep an open mind to their opinions, but ultimately you need to decide what you want to do, and it’s never too early to think about that for yourself. If you’re in foreclosure, typically the worst thing you can do is pretend that you aren’t. I don’t know your situation, but I’ll toss out some ideas to get you started:
The third thing I would recommend you do is get help. There are real estate professionals to help with every one of the above options and likely any of the ones you’ll come up with yourself too. Attorneys can help you in court and with negotiations, realtors can help you get better prices, (other) lenders can help you come up with cash, and any of them can help you further consider what you can and should do by elaborating on the strategies they can pursue for you. Foreclosure is stressful, especially if it’s your home that’s being foreclosed and there’s no reason that you need to go it alone.
We here at Dynamic Real Estate Innovations specialize in buying homes with provisions to help the seller whose situation is unique; if you need more time in the home, to save your credit, or a rapid closing, we can help. We’re not the best people for every problem, not even most of them, but we maintain a high quality network of other real estate professionals who can handle just about anything we can’t. That and we know a LOT about real estate. So if you’re in foreclosure, or even if you’ve just missed a couple payments and are worried about the next one, let us help you. If we can’t ourselves, we’ll know someone who can. 503-376-6060