Tag: deficiency

By February 3, 2014 0 Comments Read More →

Did You Know? Oregon Treats Residential and Non-Residential Trust Deeds Differently

Homeowners, and even attorneys, are often confused about the difference between a residential and a non-residential trust deed under Oregon law. The distinction is not intuitive and the Legislature has substantially amended the statute that defines “residential trust deed” twice since the foreclosure crisis began. What is a Residential Trust Deed? Under current law, a […]

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By October 28, 2013 0 Comments Read More →

Did You Know? Oregon’s Anti-Deficiency Statute Does Not Apply After A Short Sale or Deed-in-Lieu

In a recent post we explained how Oregon’s anti-deficiency statute applies after a judicial or nonjudicial foreclosure. A reader asked whether the anti-deficiency statute also applies to short sales and deeds-in-lieu. The answer, sadly, is ‘no.’ The anti-deficiency statute, ORS 86.770(2), expressly applies only “after a trustee’s sale” or “after a judicial foreclosure of a residential […]

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By October 24, 2013 3 Comments Read More →

Did You Know? Oregon’s Anti-Deficiency Statute Protects Borrowers After Judicial Foreclosures of Residential Trust Deeds

In Oregon, a trust deed may be foreclosed judicially or nonjudicially. After a nonjudicial foreclosure, the borrower is not personally liable for any shortfall if the proceeds are insufficient to pay off the full debt. The protections of ORS 86.770(2) apply even if the foreclosed property is a rental, a second home, or commercial property. […]

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Deficiency Judgments in Oregon: Are You At Risk?
By October 23, 2012 0 Comments Read More →

Deficiency Judgments in Oregon: Are You At Risk?

For the first time since the early 1960s, lenders are choosing judicial foreclosure as their method of choice in Oregon. Misinformation about the consequences abounds, and some homeowners are running scared unnecessarily. The truth is Oregon law protects homeowners from deficiency judgments after both judicial and non-judicial foreclosure of a residential first lien. Junior liens, […]

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