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:

Q: 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:

Oregon's Trust Deed Act (ORS 86.735 et seq.) requires a minimum timeline for non-judicial foreclosure: after recording the Notice of Default, there is a 120-day reinstatement period, after which the Notice of Sale is given with at least a 30-day period before the sale. Total minimum: approximately 150 days from notice of default to sale.

A60 days

B90 days

C120 days✓ Correct

D150 days

Explanation

Oregon's Trust Deed Act (ORS 86.735 et seq.

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Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

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.

Amortization

The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.

Adjustable-Rate Mortgage (ARM)

A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.