Escrow & Title
In Oregon, what is 'joint and several liability' as it relates to co-buyers on a mortgage?
AEach co-buyer is liable only for their proportional share of the debt
BAll co-borrowers are each fully liable for the entire debt — the lender can pursue any one of them for the full amount✓ Correct
CCo-buyers can designate which portion of the debt each is responsible for
DJoint liability means the state shares liability with the borrowers
Explanation
When multiple borrowers sign a mortgage in Oregon, they are typically jointly and severally liable — each borrower is individually responsible for the entire debt. The lender can pursue any one co-borrower for the full loan balance if the others cannot pay. This is why co-signers and co-borrowers face significant risk when co-signing Oregon mortgage loans.
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