Anyone have this situation in Oregon? - Loan Modification Forum

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Anyone have this situation in Oregon?

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Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? Need Help with a deed in lieu of foreclosure AKA Take this Home & Shove It! You are not alone. We thought we would add this section to the forum to assist the homeowners that have made the tough decision to walk away from their homes. This is America and you have the right to walk away from contracts and your home. The question is what implications will you suffer for saying, "Take this home and shove it, I aint paying you no more!" Find out the good, the bad and the ugly.

This is a discussion on Anyone have this situation in Oregon? within the Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? forums, part of the Stop Foreclosure and Tell Us Your Story category; Two homes, first home was bought as primary residence, with 80/20, refied as purchase money only into one loan pick ...

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05-06-2009, 01:38 AM	#1 (permalink)
cary_bouldin Senior Member Join Date: Dec 2008 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Anyone have this situation in Oregon? Two homes, first home was bought as primary residence, with 80/20, refied as purchase money only into one loan pick and pay ARM, after refi lived there one year. Second home purchased with 80/20 different lender from the first home, is now the primary residence, first home now a rental. Rental will likely foreclose. Both homes are underwater. My question is regarding the deficiency after foreclosure sale, can it be collected by the loan company? I have read the statutes and the responses from Prof Shays, as well as a few others but can not come to a definative conclusion. Hope to speak to a lawyer but it isn't my call, does anyone have any experience with this situation, if so, what can you tell me regarding the collection of the deficiency? Thanks

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