Escrow & Title
In Oregon, a 'judicial foreclosure' on a mortgage (as opposed to a non-judicial trustee's sale) gives the borrower a right of redemption for how long after the foreclosure sale?
A90 days
B6 months
C1 year✓ Correct
DThere is no redemption right after judicial foreclosure in Oregon
Explanation
In Oregon, if a lender forecloses judicially (through court), the borrower has a statutory right of redemption for 180 days (6 months) after the foreclosure sale. This right allows the borrower to reclaim the property by paying the foreclosure sale price plus costs.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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