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Foreclosure is the legal process a lender begins to force the sale of a mortgaged property when the borrower has not met the terms of the loan agreement. Foreclosures can also be started by others having a lien on a property, such as the county if property taxes are not paid.
Before starting either process, financial institutions must request a face-to-face meeting with the homeowner. This meeting is known as the resolution conference under the Oregon Foreclosure Avoidance Program. (Note: This requirement applies only to financial institutions that started more than 175 foreclosure actions in the prior year.)
For more details about what happens during foreclosure, see the Division of Financial Regulation’s publication, Keeping Your Home.
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