Legal Question in Civil Litigation in Oregon
Foreclosure on sale of bare land
How do I proceed with foreclosing on the sale a city lot I am carrying the contract on. I have not received payments in several months even though a lump sum payment was due this year. Thank you
1 Answer from Attorneys
Re: Foreclosure on sale of bare land
There are a couple of mechanisms that can be used, depending on the language in your particular contract.
1. You can foreclose "judicially" which means that you file a lawsuit to foreclose on the property and ask that the sheriff sell it to pay you the amount you are owed.
2. If your contract provides, you can do a contract "forfeiture". This is a non-judical method, that can usually be done in a shorter time than a lawsuit. The time period required depends on how much the contract has been paid down since it was started.
You really should consult with an attorney to determine the best foreclosure method in your paticular situation. There are many technical requirements for both methods so you need to be sure it is done properly.
Our office offers a low cost initial consultion and regularly does foreclosures.
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