Legal Question in Real Estate Law in Oregon

Re: Home in Foreclosure

Why do you want to "sell it to [your] girlfriend?" If you can make the payments just bring the loan current and move. Selling it to anyone without paying off the loan will not take it out of foreclosure and, even if it did take it out of foreclosure, unless you receive "reasonably equivallent value" for the property, the transfer could probably be set-aside as a fraudulent convenayce. It is doubtful that the property is only worth $1.00.

Re: Home in Foreclosure

"Selling" it to your girlfriend could make matters worse. First, she would be able to claim an ownership interest in it. That claim would remain even if the two of you broke up. In fact, she would be the owner of the house and you would not be.

Second, "selling" the house will not take it out of foreclosure and could be an additional violation of your loan agreement, which likely has a "due on sale" clause.

The only ways to take the house out of foreclosure is to bring the loan current, or for the lender to agree to some kind of loan modification that allows you time to make up the missing payments. "Selling" it will just muddy the waters and could make the lender less willing to negotiate with you.

Re: Home in Foreclosure

Nice try, no brass ring. How do you plan on providing her title without paying off your loan to the lender that has the title?? You can let anyone you want flop in the property before foreclosure, but once foreclosed, you / they will be evicted by the Marshall. Unless you get a loan remod, or you pay off all back due payments, it will continue to foreclosure, no matter the games you try to play. They will not accept payments now, only the full balance.

Re: Home in Foreclosure

Nice try, no brass ring. How do you plan on 'selling' it to her without paying off your loan to the foreclosing lender that has the title?? You can let anyone you want flop in the property before foreclosure, but once foreclosed, you / they will be evicted by the Marshall or Sheriff. Unless you get a loan remod, or you pay off all back due payments, it will continue to foreclosure, no matter the games you try to play. They will not accept payments now, only the full balance.

Re: Home in Foreclosure

Nice try, no brass ring. How do you plan on 'selling' it to her without paying off your loan to the foreclosing lender that has the title?? You can let anyone you want flop in the property before foreclosure, but once foreclosed, you / they will be evicted by the Marshall or Sheriff. Unless you get a loan remod, or you pay off all back due payments, it will continue to foreclosure, no matter the games you try to play. They will not accept payments now, only the full balance.