Legal Question in Wills and Trusts in Oregon
Foreclosure Property in Oregon
I am an investor working with a woman and her husband in Portland, Oregon. They are living in a house of his mother who passed some time ago. The house is now in foreclosure and they need help. Neither of them work and they need help. They don't want to use a Probate Lawyer. Is there any option for me to help them. I can get the property under contract but what about selling it?
1 Answer from Attorneys
Re: Foreclosure Property in Oregon
A contract with the people living in the house isn't going to help you unless they have the authority to sell it. They are not going to have the authority to sell it without going through the probate process, which, in Multnomah County requires that they hire an attorney. If the house is inexpensive enough (total value under $150,000), it may be possible to transfer the house in another manner, but when foreclosure is imminent, that may not be possible.
Sticking their heads in the sand and refusing to see an attorney means that they will likely lose the house and all the equity that his mother built up when it is foreclosed on.
If someone is appointed as the personal representative for the estate,he or she will innediately have the right to enter into a contract to sell the house to you (or someone else) and retain the equity in the house for the estate.
Our office regularly handles probates and can help these folks (or you).