Oregon foreclosures jump 20 percent

[roxiejules]

Oregon foreclosures jump 20 percent - KATU

Along with grass seed, hazelnuts and Christmas trees, Oregon is becoming a national leader of another kind.

The rate at which Oregonians are falling into foreclosure unexpectedly jumped 20 percent in the first quarter, making Oregon No. 3 in the country.

The Beaver State still ranks far behind longtime foreclosure champs Nevada and Florida. But the rate of increase in Oregon has
put it in the top five.

Oregon's foreclosure hot spots are Crook, Deschutes, Jefferson, Josephine, Jackson, Klamath, Yamhill, Columbia and Curry counties.

The state's senior economist says the rising foreclosure numbers are in part a function of timing. Oregon was late to enter the recession, so its foreclosure rate will likely stay higher longer.


http://www.katu.com/news/business/97804509.html

[LWolf]

1. My county is on the hot spot list.

And after 3 pay cuts in the last 15 months, I'm struggling to make that payment every month.

Not in danger of foreclosure. Yet. But if anything else breaks or goes wrong this winter, I will be.

There's nothing left to fund maintenance.

[roxiejules]

2. I hear ya.....

These are hard times for so many good people.

[cascadiance]

3. I think Oregon is a state where lenders can't go after those who default in court...

Since the "Walk Away" from mortgages that are messed up is increasingly becoming a strategy, those states where there are laws protecting those that do default on them and walk away are probably going to see higher rates of these sorts of defaults now.

From:

http://www.bankruptcylawnetwork.com/2008/03/02/is-walking-away-from-your-house-an-alternative-to-bankruptcy/

The website has a “If you Qualify” section which precedes some of their claims, such as no obligation to your lender after the “walk away” and the removal of the foreclosure from your credit report. While some states do not allow for the mortgage company to sue on a deficiency balance (if the house sells at foreclosure for less than what you owe, that’s a deficiency. For example, Oregon does not allow for a mortgage company to sue a homeowner for any deficiency from a non-judicial foreclosure. OTHER STATES DO.) There is no legal way to remove correct information from a credit report, period. And a foreclosure, voluntarily or involuntarily, will appear on your credit report. (For a further discussion of how foreclosure or short sales impact your credit score, see my colleague Cathy Moran’s article.

Thankfully I rent, though I moved up here earlier to be able to afford to buy a house. I think I'll wait a while yet.

[mackerel]

4. You're catching up to California.