Oregon is about to join Florida as a Judicial Foreclosure State

It appears as if Oregon is on the very of joining Florida as a judicial foreclosure state. This means when a bank wants to foreclose on property, the bank must prevail in court to be able to do so. Oregon is one of twenty-four non-judicial foreclosure states in the nation and been a non-judicial foreclosure state for years. Non-judicial foreclosure systems allow banks to foreclose without having to go through the court system. Banks are permitted to foreclose outside the courts if they give proper notice to borrowers, publicize the sale and follow other requirements that are generally state specific. In the last year, judges in Oregon have uncovered many banks which have been foreclosing without the right to foreclose, leading Oregon judges to get more involved in Oregon's foreclosure process. Oregon judges are now so involved, that banks now want Oregon to become a Judicial Foreclosure State. Federal judges got involved and prevented many foreclosures when it was found banks had not met one of Oregon's foreclosure requirements: filing the mortgage loan's ownership history in the proper county's public records. There are currently around 26,000 foreclosures still under review in Oregon. At this point, it is unknown how many of these foreclosures will end up having to go before a judge, but it could be thousands. If Oregon does decide to become a judicial foreclosure state, the foreclosure time period may become longer and expenses may increase. Of the twenty-six judicial foreclosure states in the nation, a mortgage loan will stand for a projected 728 days before a foreclosure sale date. Mortgage loans only sit for approximately 550 days in non-judicial foreclosure states. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.

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