Welcome to Foreclosure Guide
Oregon Foreclosure Article
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Government Foreclosure
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Government Foreclosures on homes will occur when homeowners default on:
• Mortgage payments from lending institution
• Taxes (local, state and federal) and assessments
• Homeownership fees
• Utility bills
• Mechanics Liens (right to payment for contractual services on the house and land, legally executable by law) Any monies available after foreclosure sale will be appropriated according legal priority status.
Different agencies will handle government foreclosure properties. When the homeowners default on payments, the title of property or deed reverts back to the government under certain conditions.
Fanny Mae and Freddie Mac are government secured insurances that homeowners apply for to reduce their mortgage payments offered by their original lending institutions. Homeowners can benefit from lower taxes and a lower down payment if they qualify for these government plans. However should they default on these payment plans, the bank or other lending company that issued these government backed loans, will then go to the Fanny Mae, and Freddie Mac foundations to retrieve their money, thus the property now becomes government property, and these divisions will proceed with the government foreclosure sale.
Government bodies such as the US customs, and the department of internal revenue may directly seize property for nonpayment of taxes and law violations.
HUD, or the US Department of Housing and Urban Development and the FHA, or Federal Housing Association are also responsible for government foreclosure sales done through public auctions.
The Department of Veterans Affairs guarantees home ownership loans for military personal. In turn, they will seize property that was guaranteed by the VA when homeowners default on payment.
However since 2004, the VA Department auctions off the property through a private contractor, Ocwen Federal Bank, OFS.
The US government HUD and VA guaranteed programs are only offered through licensed real estate agents and brokers that have been approved by these government bodies. Another important thing to note is that you cannot reassign the government contracts provided by the US Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA).
Similarly, these properties are sold at auction through the licensed authorized real estate agents. These real estate agents receive a six percent commission for procuring a sale. Unlike other public auctions an investor must go through these licensed agents to be able to bid. A bidder will need to provide a letter from their bank to insure that they can cover their bid and in turn the six percent real estate agent commission will be added to the bid. The letter from the bank is only valid for a period of 60 days, so selection and bidding on property must be done quickly.
Before purchasing government foreclosure property, learn about your rights and obligations concerning these sales. The US Department of Housing and Urban Development (HUD) can provide you with all available information on buying government foreclosures, and the licensed real estate agents can provide you with the information as well.
Oregon Foreclosure Specific links
Oregon Foreclosure News
Oregon foreclosure filings drop in April as lenders shift attention east - OregonLive.com
 OregonLive.com | Oregon foreclosure filings drop in April as lenders shift attention east OregonLive.com By Elliot Njus, The Oregonian The Associated PressA sale sign outside an foreclosed home in northwest Denver. US foreclosure filings declined in April, but some states Oregon foreclosure filings in April were nearly half the amount seen a year ago, ... |
Plan for foreclosure mediation money nears approval - Statesman Journal
Plan for foreclosure mediation money nears approval Statesman Journal The money would go toward starting the new mediation program and monitoring and enforcing foreclosure fraud. The amount is about $1.4 million less than what the Department of Justice and Oregon Housing and Community Services requested for the remainder ... |
The Clackamas Review wins statewide awards - Oregon City News
The Clackamas Review wins statewide awards Oregon City News The Clackamas Review received two journalism awards last weekend through the Society of Professional Journalists' contest for Oregon and Southwest Washington. News Editor Raymond Rendleman won first place in the Consumer and Lifesyles category for an ... |
Meet Kelli Lassen - KTVL
 KTVL | Meet Kelli Lassen KTVL Sec. of State Kate Brown wins Democratic primary Ore. anti-foreclosure program off to slow start Oregon's gas prices are higher than the national average. What do you blame for the high gas prices? NEW YORK (AP) -- Forget Facebook. |
Oregon anti-foreclosure program shows slow start - Corvallis Gazette Times
Oregon anti-foreclosure program shows slow start Corvallis Gazette Times A state program to help prevent foreclosures has struggled to efficiently distribute more than $220 million in federal taxpayer money to Oregon homeowners, the Oregonian newspaper reported. The Oregon Homeownership Stabilization Initiative awarded $1.7 ... |