Finance
Under Oregon's anti-deficiency laws, after a non-judicial (trustee's sale) foreclosure, the lender typically:
AMay pursue a deficiency judgment for any remaining balance
BMay not pursue a deficiency judgment for a purchase money loan on a one-to-four unit residential property✓ Correct
CMay only collect the difference between the sale proceeds and original loan balance
DMust waive all deficiencies as part of Oregon's consumer protection statutes
Explanation
Oregon's anti-deficiency statutes (ORS 86.797) generally prohibit lenders from obtaining a deficiency judgment after a non-judicial (trustee's sale) foreclosure on a purchase money loan for residential property.
People Also Study
Related Oregon Questions
- In Oregon, which type of deed is typically used to convey title from the trustee to the buyer at a non-judicial foreclosure sale?Finance
- Under Oregon's TRUST Act (Trust Deed Act), a non-judicial foreclosure trustee's sale must be preceded by a notice of default and notice of sale period totaling at least:Finance
- 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?Escrow & Title
- In Oregon, what type of deed is most commonly used in a non-judicial foreclosure trustee's sale?Property Ownership
- Oregon's non-judicial foreclosure (trustee's sale) process under ORS Chapter 86 requires a minimum notice period of:Escrow & Title
- An Oregon borrower has a deed of trust on their property. The borrower defaults on the loan. After the trustee's sale, if the sale proceeds are less than the amount owed, this is called a:Finance
- Under the Oregon mortgage licensing laws, a mortgage loan originator (MLO) must complete how many hours of pre-license education before obtaining a license?Finance
- In an Oregon residential sale, which document typically contains the inspection contingency, earnest money details, and closing date?Contracts
Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Study This Topic
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →