Oregon homeowners who file for bankruptcy are able to keep their homes if they meet certain conditions. First, they need to be able to continue to make their mortgage payments on time and in full. Second, they need to not have much more equity in their homes than that allowed by the state homestead exemption laws.
The state homestead exemption laws provide that an individual homeowner is entitled to protect up to $30,000 worth of equity in a traditional home or $23,000 worth of equity in a manufactured home. Those amounts are raised to $39,600 for a traditional home and $30,000 for a manufactured home if the home is owned by more than one person.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.