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Gorilla Capital reports dip in foreclosures

 Posted: 4:55 PM July 17, 2014

Eugene-based Gorilla Capital said today foreclosure filings in the 24 Oregon counties it tracks declined in June after steady increases during the first five months of the year.

There were 507 June foreclosure filings compared with 672 in May and 656 in April.

CEO John Helmick anticipates foreclosures to continue to increase with nonjudicial foreclosures becoming a greater percentage of the filings.

"Foreclosure filings took an early summer vacation," Helmick said in a prepared statement. "As summer heats up, expect lenders to get aggressive with foreclosure filings. Many filings from months ago are finally through the state mandatory pre-foreclosure time frames and borrowers are through the state-mandated processes."

There were 157 nonjudicial (notice and sale) filings in June, compared with 166 in May. Nonjudicial foreclosures are generally much faster than foreclosure by judicial sale. In a judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.

Court foreclosures hit 350 during June after 506 court foreclosures were filed in May.

Gorilla reported 22 court foreclosures and 11 nonjudicial foreclosures in Jackson County in June, down 38 percent from May.

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