Some experts suggest you stay in your home as long as possible before leaving. At the very least, you can remain in your home for the duration of the foreclosure process, which in Oregon takes an average of three months. If the lender pursues a judicial foreclosure, you will have three months plus the 180-day redemption period before eviction, after a foreclosure auction is completed. However, the primary method of foreclosure used in Oregon is non-judicial, after which there is no redemption period allowed.
If the lender retains ownership of the property after the auction, and you do not move out voluntarily, the lender can have the sheriff evict you with a process known as an unlawful detainer. If the property sold at auction, the new owner can start the legal eviction process by serving you with a 3-Day Notice to Quit, and proceed to file an eviction lawsuit. If the Notice to Quit period expires and you still have not vacated the property, the new owner can file an unlawful detainer. If the court orders eviction, it will issue a move-out day, and the new owner can issue an execution of eviction, giving you 48 hours after the court-ordered date, to vacate the property. It is better to move out voluntarily, as an eviction can put a ding in your credit score at a time when potential landlords may be reviewing your credit as you look for a new home.
If you have continued to maintain the property, you might be able to convince the new owner to keep you on as a tenant, at least until the owner has finalized plans for the property. If the new owner is an investor and they plan to use the property as a rental, you might be able to negotiate a rental agreement to stay in your former home. Either way, it cannot hurt to request more time to vacate the property. Another option for avoiding eviction from your foreclosed home is called “cash for keys.” Often, a lender may offer to pay you some of your moving expenses, in exchange for leaving the property undamaged and in good condition when you leave.
In May 2009, the Protecting Tenants at Foreclosure Act was enacted, providing that a tenant’s lease would survive foreclosure. How long before eviction after a foreclosure in Oregon for a tenant of a foreclosed owner depends on the type of lease the renter signed. Month-to-month renters are entitled to 90 days’ notice before eviction. A tenant with a six-month or one-year lease can stay in the home until the end of the lease.