Hillsboro and Orenco Station are not immune to the foreclosure wave.

Did anyone catch the story on NPR this morning about foreclosures and short sales in Oregon, most particularly around Portland?  Well-done story, discomfiting content.

The fact is, foreclosures are on the rise in Oregon, which means Portland and the whole West Side, including our beloved Orenco Station area.  Adjustable rate mortgages are re-setting, but we have area job losses to boot.  Foreclosure filings have traditionally followed job losses, according to Realtytrac, with the graph lines for one following the graph lines of the other. The subprime mess had changed that dynamic for a time, but now, it's back to normal.

If a home owner in Oregon receives a Notice of Default on his/her mortgage, it means the house will go up for auction on the courthouse steps in 120 days, unless the owner takes action.

Owners receiving a Notice of Default have options. The first is to contact their loan servicer's loss mitigation department. This is NOT, repeat NOT, the collection department.  Owners have to specifically ask for Loss Mitigation.  A loan modification may be possible.

Other options, such as a deed-in-lieu-of foreclosure, might be possible.  There are other legal choices requiring a consultation with a lawyer.

Another option is a short sale, where the owner attempts to sell the home before the auction date.  Short sales, not just in the Orenco Station area, but in Hillsboro, Beaverton, and all of west Portland have jumped significantly.  Whatever the discomfort of these, they're better than foreclosure. Select an agent trained in short sales. 

For information on Oregon's foreclosure process, as well as other helpful links, click here. If you would like me to answer any questions in strict confidence, click here.

Doing nothing should not be an option.  If a lender senses that an owner is trying, the lender often delays the auction.  Owners, for their part, can take control of a difficult situation and even see a little daylight in the distance.