Unless the loan documents for a property indicate otherwise, an Oregon lender must file a lawsuit to obtain permission to foreclose on a property. The filing of the lawsuit gives the public notice of the lender’s intent to foreclose and the court may set additional public notice requirements.
Many loan documents contain power of sale clauses that give a lender the right to foreclose without judicial involvement. If the power of sale clause in an individual loan agreement describes public notice requirements then those must followed. If not, then a Notice of Default must be filed with the county and published weekly for four consecutive weeks in the local newspaper. The last publication date must be at least 20 days prior to the intended sale date.
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