Hi everyone, great thread.
I'm in Portland Oregon and stopped making payments on my condo back in August. I've missed 3 payments so far...this week will be #4. So far no calls from the bank but I'm also trying to short-sell the place and my realtor has been in contact with them regularly so perhaps that's why. Frankly I'm not sure why I'm bothering with the short sale at this point...when this whole thing began it felt like a more ethical way to approach the situation but now it just feels like an unnecessary pain in the ___.
Last month I received a letter from the bank saying that if I didn't pay the outstanding balance in full by November that they would have "no choice but to start foreclosure proceedings." I don't know if that means I should expect my NOD soon or what. Like previous posters have said, at this point I just want to know a rough timeframe on the rest of this process so that I can move on with my life.
A couple of questions:
1) For primary residency purposes, can you move out when you receive your NOD or do you need to wait until they actually sell the property? I want to be as protected as possible but I want to move on with my life too.
2) There seems to be some confusion about deficiency judgments. I've heard from a few people that they can come after you with a Judicial foreclosure but cannot under the standard non-judicial foreclosure. That said I've also read several websites that claim that they can't come after you under either process as long as it's a first loan on a plain residential deed of trust for a primary residence. Anyone confirm either way? Banks in Oregon are using the judicial process more and more nowadays
3) Anyone familiar with the Oregon Bond Loan program in these situations? I used them to get money for downpayment assistance when I first purchased the condo and I'm curious if they have any recourse after this process is completed.
Thanks! Credit is overrated anyway