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Tenant Rights for Foreclosures in Oregon

We often hear of the “Shadow Market” of homes that are not in the Portland real estate market statistics reported; there is a large inventory of home out there waiting to be listed. Other factors of a “shadow market” include sellers that are waiting for the market to improve and foreclosed homes that banks are sitting on (I’ not sure where they are keeping them).

Regardless, foreclosures are a factor in our market, all around Oregon. If the house is owner occupied, the foreclosure eviction process is pretty straight forward within the legal framework. There is a legal framework for tenant occupied properties as well (punchline: seek legal advice if you have any questions).

The State of Oregon’s “Tenant Foreclosure Rights in Oregon” is the starting place that tenants looking for information regarding their rights if the home they live in goes into foreclosure. Some laws have been changed as of September 2009.

3 Comments on “Tenant Rights for Foreclosures in Oregon

  1. I think it means that the banks are taking a heck of a long time to get a foreclosure on the market or at least start the foreclosure process. I know two people who haven’t made a house payment in 11 and 13 months and yet the foreclosure process has not started. Are the banks overwhelmed? Are they waiting for a cue from the White House re: bailout? Are they collecting on PMI?

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