Foreclosure Facts

Washington foreclosures are conducted both in judicially and non-judicially, however non-judicial foreclosures are more common, and typically take about five months. For judicial foreclosure proceedings, the minimum time to a court ruling is 30 days after a lender files suit against a borrower. This time is extended to 60 days for out-of-state borrowers in order to provide ample time to respond to the notice. If the court rules in favor of the lender, the property is sold to recover the monetary amount owed to the lender, during a sheriff’s sale that usually occurs 6-8 weeks after the court’s ruling

Prior to conducting a non-jucial foreclosure, the lender or its trustee mails a notice of default to the borrower and either posts the notice at the property or delivers the notice to the borrower in person. Upon receiving this notice, the borrower has 30 days to respond before the property is scheduled for public sale.

Up until 11 days before the sale, the borrower can stop the foreclosure by paying the past due payments, plus applicable expenses.

Notice of Sale / Auction

If the borrower does not stop the foreclosure process within 30 days of receiving the notice of default, the lender records a notice of sale with the county recorder, which is recorded at least 90 days before the sale date and mailed to the borrower and any other affected parties.

The trustee publishes the notice of sale once between the 32nd and 28th days prior to the sale, and once between the 11th and 7th days prior to the sale.

Foreclosure sales are conducted by public auction with the property going to the highest bidder, who must pay in cash. For non-judicial foreclosures, the trustee transfers ownership to the winning bidder, who may take possession of the property 20 days following the foreclosure sale. The borrower has no redemption rights after non-judicial foreclosure sale is complete.

For judicial foreclosures, the borrower is granted redemption rights for one full year, beginning on the date of sale. To redeem the property, the borrower must pay the full amount due and applicable expenses. During this redemption period, the borrower can remain in possession of the property if it is considered their primary residence.

Foreclosure Facts

Montana foreclosures may be conducted in judicially or non-judicially, depending on the existence of a power-of-sale clause in the mortgage or deed of trust. The Montana foreclosure process typically takes about 5-6 months. Concerning judicial foreclosures, the court determines the appropriate amount due to the lender and gives the borrower a certain amount of time in which to satisfy all debt. If the borrower does not pay the debt, the lender issues a notice of foreclosure sale.

A non-judicial foreclosure, which is most common in Montana, occurs when the terms of the mortgage or deed of trust allow the lender to sell the property if the borrower defaults (power of sale clause). The lender begins the foreclosure process by filing a notice of sale with the county recorder. The sale must be at least 120 days after this notice is filed, however the lender is not required to send a default notice to the borrower before filing the notice of sale unless required in the mortgage or deed of trust.

At any time before the foreclosure sale, the borrower may pay the full default amount plus expenses and attorneys’ fees incurred, thereby satisfying the debt and stopping foreclosure proceedings.

Notice of Sale / Auction

For non-judicial foreclosures, a copy of the notice of sale is posted at the property at least 20 days before the sale, mailed to the borrower at least 120 days prior to the sale, and published in a local newspaper once a week for three consecutive weeks.

Foreclosure sales in Montana are public auctions, completed between 9 a.m. and 4 p.m. at the county courthouse, with the property going to the highest bidder. The winning bidder receives a deed transferring ownership and is able to take possession of the property 10 days after the auction.

The borrower possesses no rights of redemption following the sale and the lender may not seek to obtain a deficiency judgment against the borrower.

Foreclosure Facts

Oregon foreclosures are conducted judicially and non-judicially, depending on circumstances, and typically take about five months. According to Oregon law, once the lender records a notice of default, provided no power-of-sale is included in the mortgage, foreclosure proceeds through the court system. After the court declares a foreclosure, the property is immediately put up for sale.

It is common to have a power of sale clause written into the mortgage, which allows the lender to sell the property out of court to recover the balance of the loan in the event of default. At least four months before the property is scheduled for sale, the lender records a notice of default with the county recorder, and delivers the notice of default to the borrower.

The borrower can stop the foreclosure up to five days before the sale by satisfying all past debt owed plus expenses.

Notice of Sale / Auction

For non-judicial foreclosures, the notice of sale must be published once a week in a local newspaper for four consecutive weeks before the sale, with the last notice published at least 20 days before the sale date.

The sale, between the hours of 9 a.m. and 4 p.m. at the location stated on the notice, is a public auction. Any individual, except the trustee, may present bids at auction. The property goes to the highest bidder, who must pay in full in cash on the date of the auction. The trustee transfers ownership of the property to the highest bidder within 10 days of the sale, after which the purchaser is also entitled to legal possession of the property.

Should the need arise, the sale may be postponed for up to 180 days from the original scheduled date without restarting the entire foreclosure process.

For foreclosures conducted non-judicially, the borrower has no rights of redemption following the foreclosure sale.