Is Oregon an anti-deficiency state?

msde_teach · Joined: 23 Jul 2008 Posts: 1 1.37 Dollars($)

Is Oregon an anti-deficiency state? Do to family health issues I need to relocate back to California and have not been able to sell my house due to decreasing property values. If I decide to sell my home in Oregon as a short sale would this affect my credit score? How long would it be before I could purchase another home in California?

brian1 · Posted: Wed Jul 23, 2008 10:10 pm Post subject:

Yes it will impact your ability to buy. I do not know thestate specific answer sorry.

Good Luck
Brian

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi msde_teach.

Welcome to the forum.

Oregon is an anti-deficiency state. Short sale will affect your credit score to a certain extent but much lesser than deed in lieu or foreclosure.

"How long would it be before I could purchase another home in California?" It will depend upon how quick you can improve your credit score. General logic is better your credit score is you will get better rates and terms. So after the short sale pay all your bills on time and improve your credit score as much as you can.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Jeanette · Posted: Fri Jul 25, 2008 6:08 am Post subject:

Oregon has the anti-deficiency judgement but only non-judicial. If non-judicial you will not have to pay the difference. A short sale affects your credit score just as a foreclosure. Your score can be dinged 200-300 points with both.

Foreclosure a lender will give you any kind of interest 24-72 months after foreclosure. More than likely 3 years than 2.

Short sale you will be able to purchase a house within 2 years. However, you will have difficulty salvaging your score with short sale vs foreclosure.

Seek legal tax advice before making a decision

Good Luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group

Guest 0.10 Dollars($)

Jeanette your information is bad, well not bad just misleading and incomplete. Anti-deficiency applies to non-judicial for commercial and residential. Anti-deficiency applies to residential purchase money mortgaes.

All times are GMT - 7 Hours

Page 1 of 1