Mortgage Law
In Oregon the law of mortgages is mainly governed by state statutory
through Chapter 59 Securities Regulation; Mortgage Bankers and Brokers.
- The judicial process of foreclosure, which involves filing a lawsuit to
obtain a court order to foreclose, is used when no power of sale is present
in the mortgage or deed of trust.
- Generally, after the court declares a foreclosure, your home will be auctioned
off to the highest bidder.
- In this type of foreclosure, the borrower may redeem the property by paying
the purchase price, with interest, the foreclosure costs and the purchaser's
expenses in operating and maintaining the property within 180 days after the
date of sale. The borrower must file a notice no less than two (2) days and
not more than thirty (30) with the sheriff to redeem. Under anti-deficiency
laws, if the mortgage is a purchase money mortgage for the purchase of a dwelling
occupied by the purchaser, the purchaser will not be held responsible for
any deficiency.
- Anti-deficiency laws typically provide no protection for other than purchase
money mortgages (such as a second mortgage obtained after the original acquisition)
and there is no protection when the property is not used as the primary residence
of the purchaser.
