I am losing my job on June 22nd. My family and I have decided to abandon the property. If we have a forclosure in Oregon will we face any money we have to pay back or will the forclosure be considered to be deed in full? Also are there any problems that may occur if I choose to move to another city or state with or without a new job? Will any potential problems arise if I move to a new city to go to school?
Family Law Attorney
First, I recommend you consult with a lawyer, confidentially. Depending on the exact circumstances - how much you owe on the mortgage, how much the property is worth - you may be able to surrender your deed in lieu of foreclosure. This will be better for your credit, and will avoid the hassles of a foreclosure case. Oregon law does not allow for deficiency judgments, so even if you owe more than the value of the property, you shouldn't be stuck with excess debt. Good luck...
Nothing in this answer is intended to create an attorney-client relationship. Each case is unique. You are advised to have counsel at all stages of any legal proceeding.
3 lawyers agree