Judicial foreclosures up

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Tuesday, January 15, 2013

Court-supervised foreclosures jumped in Oregon in December.

Lenders filed 681 judicial foreclosures in 24 Oregon counties where Gorilla Capital operates. The Eugene company buys, redevelops and sells foreclosed homes.

The number of judicial foreclosures has climbed over the past year as regulation and legal trouble for lenders complicated the nonjudicial foreclosure process. Nonjudicial foreclosure activity dropped to almost nothing in July, when a court ruling and a new state foreclosure mediation program simultaneously changed legal requirements to foreclose outside the court system.

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