A number of states have enacted measures to facilitate greater communication between borrowers and lenders by requiring mortgage servicers to provide certain notices to defaulted borrowers prior to commencing a foreclosure action. The measures serve a dual purpose, providing more meaningful notice to borrowers of the status of their loans and slowing down the rate of foreclosures within these states. For instance, one state now requires a mortgagee to mail a homeowner a notice of intent to foreclose at least 45 days before initiating a foreclosure action on a loan. The notice must be in writing, and must detail all amounts that are past due and any itemized charges that must be paid to bring the loan current, inform the homeowner that he or she may have options as an alternative to foreclosure, and provide contact information of the servicer, HUD-approved foreclosure counseling agencies, and the state Office of Commissioner of Banks.
Oregon Notice of Foreclosure Sale — Intent to Foreclose is an official document that serves as a preliminary notice to inform the borrower and other parties involved about an impending foreclosure sale. It is a crucial step in the foreclosure process in Oregon and adheres to the state's specific guidelines and regulations. This notice includes essential information related to the foreclosure proceedings, providing transparency and ensuring compliance with legal requirements. It notifies the borrower of the lender's intention to initiate foreclosure proceedings due to the borrower's default on their mortgage or deed of trust. Keywords: Oregon, Notice of Foreclosure Sale, Intent to Foreclose, foreclosure proceedings, borrower, lender, mortgage, deed of trust. Different Types of Oregon Notice of Foreclosure Sale — Intent to Foreclose: 1. Residential Property Foreclosure Notice: This type of notice is specifically used for residential properties in Oregon. It outlines the foreclosure process, specifies the reason for foreclosure, and includes pertinent details such as the property address, loan amounts, default dates, and the lender's contact information. 2. Commercial Property Foreclosure Notice: Similar to the residential property foreclosure notice, but tailored for commercial properties. This notice highlights the details of the foreclosure process and provides information relevant to commercial property foreclosure proceedings. 3. Judicial Foreclosure Notice: In cases where foreclosure occurs through a judicial process, this notice is issued. It outlines the timeline and procedures for foreclosure, including the initiation of a lawsuit against the borrower. This notice is usually issued after the lender has exhausted other alternatives to resolve the default. 4. Non-Judicial Foreclosure Notice: This notice is utilized when the foreclosure process occurs outside the court system, also known as a trustee sale. It informs the borrower of the intent to foreclose and includes details about the upcoming sale, such as the date, time, and location. Non-judicial foreclosures are commonly used in Oregon, abiding by statutorily designated timelines and procedures. 5. Notice of Intent to Foreclose for Mortgage Modification: In certain cases, if the borrower is in the process of applying for a loan modification, the lender may issue this notice. It provides information to the borrower regarding the potential foreclosure if the mortgage modification process does not progress satisfactorily. The purpose of this notice is to alert the borrower of the possible consequences and urge prompt action. It is important to note that the specific names and content of the different foreclosure notices may vary based on the lender, circumstances, and specific foreclosure laws in Oregon. However, the essential purpose remains the same—to inform the borrower about the intent to foreclose and ensure transparency throughout the foreclosure process.
